Panhandle Oil & Gas: Drops on $6.9 mln royalty deals, discounted stock offering

PHX Minerals

28/08/2020 14:16

** Shares of oil & gas firm  PHX.N  down 12% at $1.85
premarket
    ** Co, Thursday after markets, said it will acquire two
packages of mineral and royalty assets in the SCOOP and
Haynesville plays from Red Stone Resources LLC for $6.9 mln in a
cash and stock deal  urn:newsml:reuters.com:*:nFWN2FT13I
    ** The assets, totaling ~795 net royalty acres, marks the
company's entry into the Haynesville play of East Texas and
Louisiana
    ** The purchase price consists of $6.4 mln in cash and $0.5
mln in Panhandle common stock
    ** Co also announces public offering of 5 mln shares at a
price of $1.63/shr, a 22.4% discount to the stock's Thursday
close   urn:newsml:reuters.com:*:nASA014EW
    ** PHX plans to raise ~$7.2 mln from the public offering
    ** Stock down ~81% YTD 

 (Reporting by Shradha Singh in Bengaluru)
 ((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2804, outside U.S. +91 80 6182 2630;))