PHX Minerals focuses on perpetual natural gas and oil mineral ownership in resource plays. Co. owns mineral and leasehold properties and other natural gas and oil interests, which are located in Oklahoma, Texas, Louisiana, North Dakota and Arkansas. Co.'s natural gas, oil and natural gas liquids (NGL) production is from interests in various wells located in Oklahoma, Louisiana, Texas, Arkansas and North Dakota. Co. does not operate any wells. Co.'s principal products from the production associated with its royalty and non-operated interests are natural gas, crude oil and NGL. These products are sold by well operators to various purchasers, including pipeline and marketing companies.