PHX Minerals Inc. is adding to its Haynesville position through a duo of acquisition agreements for assets operated by some of the top producers in the shale play, according to the head of the Oklahoma City-based natural gas and oil mineral company in a release on Sept. 16.

In the release, PHX Minerals said it entered agreements to acquire in two separate transactions certain mineral and royalty interests totaling approximately 817 net royalty acres in East Texas and Louisiana targeting the Haynesville play for cash-and-stock consideration. The sellers were undisclosed.

“The agreements we entered into today involve additional acquisitions of exceptional mineral assets targeting the Haynesville play, where we have been active over the last 12 months,” Chad Stephens, president and CEO of PHX Minerals, commented in the release.

The acquisition assets have estimated reserves of 8.5 Bcfe and is currently producing 0.062 MMcfe/d net. The acquisition also includes 46 PDP gross wells, 15 gross wells in progress and an estimated 149 gross undrilled locations.

Two drilling rigs are currently running on the acquisition assets with an additional 10 drilling rigs within 2.5 miles of the assets. Key operators of the assets include Chesapeake Energy/Vine Energy, Comstock Resources, Goodrich Petroleum and Southwestern Energy.

“These assets will provide the company increasing cash flow and natural gas volumes in the near-term with compelling upside potential and are located under some of the top operators with active drilling programs in the play,” Stephens added.

The combined aggregate consideration of about $7.2 million in cash and stock for the two separate transactions is subject to customary closing adjustments. The purchase price consists of $728,214 in cash and roughly $6.5 million in PHX common stock issued directly to the sellers of the assets. The shares to be issued are subject to a 120-day lockup period, according to the release.

PHX said its board of directors unanimously approved the acquisitions, which are expected to close by Sept. 30.

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