SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* SRP CAPITAL ADVISORS, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD. SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 09/24/2021	3. Issuer Name and Ticker or Trading Symbol PHX MINERALS INC. [ PHX ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	3,549,207	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* SRP CAPITAL ADVISORS, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD. SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* SRPO-II Manager, LP (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Crestwood Exploration Partners, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses

1. Name and Address of Reporting Person* Palmetto Investment Partners, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses

1. Name and Address of Reporting Person* Palmetto Investment Partners II, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* CWEP-SRPOII Investments, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses

1. Name and Address of Reporting Person* PIP-SRPOII Investments, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses

1. Name and Address of Reporting Person* PIPII-SRPOII Investments, LLC (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Fennebresque William T (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Turner Ryan A (Last) (First) (Middle) 3811 TURTLE CREEK BLVD SUITE 1100 (Street) DALLAS TX 75219 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

Remarks:

See Exhibit 99.1 for Explanation of Responses and Exhibit 99.2 for signatures of joint filers.

	/s/ SRP Capital Advisors LLC	10/04/2021
	/s/ SRPO-II Manager, LP	10/04/2021
	/s/ Crestwood Exploration Partners, LLC	10/04/2021
	/s/ Palmetto Investment Partners, LLC	10/04/2021
	/s/ Palmetto Investment Partners II, LLC	10/04/2021
	/s/ CWEP-SRPOII Investments, LLC	10/04/2021
	/s/ PIP-SRPOII Investments, LLC	10/04/2021
	/s/ PIPII-SRPOII Investments, LLC	10/04/2021
	/s/ William Tudor Fennebresque	10/04/2021
	/s/ Ryan Andrew Turner	10/04/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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