PHX Minerals Inc. Class A (PHX.US) was acquired by White Hawk for $187 million, with a nearly 20% increase in after-hours trading.

Prior to this, natural gas mineral and royalty company WhiteHawk had agreed to acquire PHX Minerals Inc. Class A at a cash price of $4.35 per share, a 21.8% premium to the latter's closing price on May 7. After the US stock market closed on Thursday, PHX Minerals Inc. Class A shares soared over 20%, rising nearly 19% as of the time of writing. Including debt, the total value of this transaction is approximately $187 million. WhiteHawk stated that this deal will add 1.8 million acres of high-quality natural gas mineral and royalty assets, significantly expanding its business footprint in the Haynesville shale core areas of Texas and Louisiana and further extending its asset portfolio into the SCOOP/STACK region of Oklahoma, achieving diversified layout. Following the completion of the transaction, WhiteHawk is projected to hold approximately 3.1 million acres of royalty interests, with cash flow coming from 10,163 producing wells, 368 wells under construction, 330 permitted wells, and over 7,250 undeveloped blocks.