Oklahoma City-based Panhandle Oil and Gas Inc. has become PHX Minerals Inc.
The name change took effect Oct. 8. Chad L. Stephens, Company President and CEO explained the firm embarked on a new corporate strategy at the beginning of the year to become a minerals-only company.
“This new strategy means we will no longer participate as a non-operated working interest owner in the drilling of new wells. In our just ended fiscal year 2020, we did not participate as a working interest owner in any wells.”
Stephens said the company will carry out the new strategy by acquiring producing minerals with high rock quality and slowly begin divesting its lower margin properties.
In conjunction with its name change the Company has also unveiled a new logo. The Company’s ticker will remain “PHX” on the NYSE.
The company owns nearly 253,000 acres in Oklahoma, North Dakota, Texas, New Mexico and Arkansas and approximately 71% of the mineral count is unleased and undeveloped.
Source: PHX