PHX Minerals rejects unsolicited proposal from WhiteHawk Income

PHX Minerals’ board of directors received, reviewed and rejected an unsolicited, non-binding proposal from WhiteHawk Income to combine with PHX in a stock-for-stock transaction. The board unanimously determined that the proposal is inadequate in terms of the value offered to PHX and its stockholders; overstates the value of WhiteHawk’s assets; and is highly dilutive to PHX stockholders. As such, the Board determined that the WhiteHawk proposal is not an appropriate basis for engagement and is not in the best interest of stockholders.