Edenbrook Capital, LLC - Aug 30, 2021 Form 4 Insider Report for PHX MINERALS INC. (PHX)

Role: 10%+ Owner
Signature: Edenbrook Capital, LLC; By: /s/ Jonathan Brolin, Managing Member
Stock symbol: PHX
Transactions as of: Aug 30, 2021
Transactions value $: $240,555
Form type: 4
Date filed: 9/1/2021, 04:31 PM
Previous filing: Aug 30, 2021
Next filing: Sep 2, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PHX	Class A Common Stock	Purchase	$141K	+55.1K	+1.15%	$2.55	4.84M	Aug 30, 2021	See footnotes	F1
transaction	PHX	Class A Common Stock	Purchase	$4.36K	+1.72K	+0.04%	$2.53	4.85M	Aug 31, 2021	See footnotes	F1
transaction	PHX	Class A Common Stock	Purchase	$37.1K	+15K	+0.31%	$2.48	4.86M	Sep 1, 2021	See footnotes	F1
transaction	PHX	Class A Common Stock	Purchase	$58.4K	+23.5K	+0.48%	$2.48	4.88M	Sep 1, 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)						2.1K	Aug 30, 2021	Class A Common Stock	210K	$2.50	See Footnotes	F1, F2
holding	PHX	Put Option (Obligation to Buy)						2.1K	Aug 30, 2021	Class A Common Stock	210K	$2.50	See Footnotes	F1, F2

* 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 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.

Content

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.

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.