NRGBriefs: PHX Acquires Acres In Texas And Louisiana

Instant Max AI

(Energy Analytics Institute, 10.Nov.2021) — Energy briefs including Brazilian inflation in Oct. 2021; PHX Minerals Inc. (NYSE: PHX) announcing three mineral and royalty acquisitions targeting the Haynesville play in East Texas and Louisiana; GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) releasing results of 11 drill holes at Mololoa and the initial 19 drill holes at El Nayar within Los Ricos North.

LATIN AMERICA AND THE CARIBBEAN

Reuters reported on 10 Nov. 2021 that Brazilian consumer prices rose in Oct. 2021 by the most in nearly 20-yrs driven in part by rising fuel costs, which pushed annual inflation in the South American nation to 10.67%.

NORTH AMERICA

US

PHX Minerals Inc. (NYSE: PHX) announced three mineral and royalty acquisitions targeting the Haynesville play in East Texas and Louisiana. PHX has agreed to acquire approximately 827 net royalty acres for aggregate consideration of $5,200,000 in cash and stock from a private seller subject to customary closing adjustments. The purchase price consists of $520,000 in cash and 1,519,481 in PHX common stock issued directly to the seller of the assets.  The shares to be issued are subject to a 120-day lock-up period. The BODs of PHX unanimously approved the acquisition, which is subject to certain closing conditions and expected to close by 1 Dec. 2021. Additionally, in two separate transactions, PHX closed the acquisition of approximately 219 net royalty acres in the Haynesville play during the month of Nov. 2021 for cash consideration of $2,331,992.

GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) released results of 11 drill holes at Mololoa and the initial 19 drill holes at El Nayar within Los Ricos North. Hole LRGM-21-030 intersected 0.6m of 1,975 g/t silver equivalent (AgEq), and hole LRGM-21-038 intersected 0.8m of 1,170 g/t AgEq within 19.9m of 119 g/t AgEq. At El Nayar, Hole LRGNY-21-002 intersected 1,976 g/t AgEq over 0.7m and hole LRGNY-21-004 intersected 16.6m of 154 g/t AgEq.

CSI Compressco LP (NASDAQ: CCLP) — along w/ CSI Compressco GP LLC, its general partner — announced the execution of agreements resulting in a series of transactions that enable CSI to redeem all its outstanding senior unsecured notes due 2022. In the deal, CSI raises $57 million in private placements of common units. Investors include new third party institutional investors, existing unitholders (including Spartan Energy Partners LP), and management and 42mn units sold at $1.35/unit and subject to a 90 day lock up. In the deal, CSI acquires the primary operating business of Spartan in an all equity transaction, with an expected increase in EBITDA of approximately 20%. CSI also announced redemption of all of its outstanding 2022 Notes, resulting in no bond maturities until 2025 after such redemption. The deal also reduces net leverage ratio on a pro forma basis from 6.8x to 5.5x as of 30 Sep. 2021 while improving liquidity from $35mn to $54mn on a pro forma basis as of 30 Sep. 2021, a 54% increase

Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) provided results of 39 new La Colorada Skarn infill and step-out holes, all of which contain multiple skarn and breccia intercepts. “The most recent infill and step-out holes contain some of the highest grade intercepts we have drilled in the La Colorada Skarn deposit to date and indicate potential for further expansion of the Mineral Resource in the future,” said Christopher Emerson, Pan American’s VP Business Development and Geology. The 2021 La Colorada Skarn drill program focused on infill drilling to increase confidence in the Mineral Resource, but also included step-out exploration drilling to evaluate lateral extensions. Over the first 9-mths of 2021, a total of 36,000m of infill drilling and 14,000m of exploration drilling have been completed. An additional 18,000m of drilling is planned for the remainder of 2021.

____________________

By Ian Silverman, Aaron Simonsky and Piero Stewart. © Energy Analytics Institute (EAI). All Rights Reserved.

Previous post Ecopetrol 3Q:21 Earnings Transcript
Next post io Consulting To Perform Preliminary FEED Services For NewGen Hydrogen Facility