PHX Energy Receives TSX Approval for Renewal of Normal Course Issuer Bid

CALGARY, Alberta, Aug. 13, 2024 (GLOBE NEWSWIRE) -- PHX Energy Services Corp. ("PHX Energy" or the "Corporation") (TSX: PHX) today announced that the Toronto Stock Exchange ("TSX") has accepted PHX Energy's notice of intention to renew its normal course issuer bid for a further one-year term (the "NCIB"). The previous NCIB expires on August 15, 2024. Pursuant to the Corporation's previous NCIB, as at August 7, 2024 the Corporation has purchased in the open market through the facilities of the TSX and through other alternative Canadian trading platforms and cancelled an aggregate of 3,400,021 common shares ("Common Shares") of the Corporation at an average price paid of $8.60 per Common Share.

Under the renewed NCIB, PHX Energy may purchase for cancellation, from time to time, as PHX Energy considers advisable, up to a maximum of 3,363,845 Common Shares, which represents 10% of the Corporation's public float of 33,638,452 Common Shares as at August 7, 2024. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by PHX Energy, subject to a maximum daily purchase limitation of 18,403 Common Shares which equates to 25% of PHX Energy's average daily trading volume on TSX of 73,612 Common Shares for the six months ended July 31, 2024. PHX Energy may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by PHX Energy under the NCIB will be cancelled.

PHX Energy will enter into an automatic share purchase plan ("ASPP") with a broker prior to commencement of the NCIB in order to facilitate repurchases of its Common Shares. Under the Corporation's ASPP, the broker may repurchase shares under the NCIB during the Corporation's self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. Outside of these blackout periods, Common Shares may be purchased under the NCIB in accordance with management's discretion.