Beta Shale, LLC (Derby Energy, LLC managed company) sends letters of concern to PHX Minerals

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Mar 02, 2023, 18:15 ET

OKLAHOMA CITY, March 2, 2023 /PRNewswire/ -- Beta Shale, LLC ("Beta"), an Oklahoma City based oil and natural gas company who owns 1,000,000 shares of PHX Minerals Inc. ("PHX" or the "Company"), has reached out to the PHX Board of Directors to express Beta's concern with the performance of the Company and its proposed future path under the direction of current management.

Beta sent an initial letter on February 3, 2023, which was followed by a meeting between Beta's CEO and the Independent Director of PHX. After the meeting, Beta sent a follow up letter of concern on March 2, 2023.

As a significant shareholder of PHX, Beta is voting against the majority of current proxy materials presented by PHX management.

Both letters can be found at www.betashalenews.com. Beta encourages all PHX shareholders to review these materials and to assess PHX's performance and future potential under existing management.

About Beta Shale, LLC

Beta Shale, LLC, established in 2004, is a privately-owned opportunistic investor in oil and gas, primarily focused on non-operated working interests with assets in the Arkoma and Delaware Basins under management of Derby Energy, LLC.

About Derby Energy, LLC

Derby Energy, LLC, headquartered in Oklahoma City, OK, is the administrative management company for the following six entities: Derby Exploration, LLC (Operated - Anadarko Basin E&P); Thoroughbred Gathering, LLC (Operated - Anadarko Basin Midstream); Bakken HBT, LP (Non-Operated – Williston Basin); Bakken HBT II, LP (Non-Operated – Williston Basin); SCOOP I, LP (Non-Operated – Anadarko Basin); and Beta Shale, LLC (Non-Operated – Arkoma and Delaware Basin).