Edenbrook Capital, LLC - 07 May 2021 Form 4 Insider Report for PHX MINERALS INC. (PHX)

Role: 10%+ Owner
Signature: Edenbrook Capital, LLC; By: /s/ Jonathan Brolin, Managing Member
Issuer symbol: PHX
Transactions as of: 07 May 2021
Net transactions value: +$271,430
Form type: 4
Filing time: 11 May 2021, 16:22:27 UTC
Next filing: 13 May 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PHX	Class A Common Stock	Purchase	$137,900	+50,000	+1.2%	$2.76	4,375,767	07 May 2021	See footnotes	F1
transaction	PHX	Class A Common Stock	Purchase	$133,530	+50,000	+1.1%	$2.67	4,425,767	10 May 2021	See footnotes	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	PHX	Put Option (Obligation to Buy)						3,500	07 May 2021	Class A Common Stock	350,000	$1.50	See Footnotes	F1, F2
holding	PHX	Put Option (Obligation to Buy)						2,100	07 May 2021	Class A Common Stock	210,000	$2.50	See Footnotes	F1, F3
holding	PHX	Put Option (Obligation to Buy)						4,200	07 May 2021	Class A Common Stock	210,000	$2.50	See Footnotes	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The securities reported herein are held in the accounts of private funds. Edenbrook Capital, LLC may be deemed to be a beneficial owner of such securities by virtue of its role as the investment manager of such private funds. Jonathan Brolin may be deemed to be a beneficial owner of such securities by virtue of his role as managing member of Edenbrook Capital, LLC. Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 4 except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 for any other purpose.
F2	The private funds managed by Edenbrook Capital, LLC wrote 3,500 put option contracts expiring in June 2021 which provide that the private funds will be required to purchase shares of Common Stock at the stated strike price if the counterparty exercises such option.
F3	The private funds managed by Edenbrook Capital, LLC wrote 4,200 put option contracts expiring in November 2021 which provide that the private funds will be required to purchase shares of Common Stock at the stated strike price if the counterparty exercises such option.