Phoenix Energy One, LLC has entered into Amendment No. 11 to its Amended and Restated Senior Secured Credit Agreement. The amendment was executed on October 21, 2026, by the Company, Phoenix Operating LLC (the borrower), the lenders, and Fortress Credit Corp., which serves as the administrative agent.
Under the terms of Amendment No. 11, the Company is permitted to issue certain secured junior lien notes, subject to specific conditions and limitations outlined in the Credit Agreement. Additionally, the amendment provides waivers or amends certain covenants within the original agreement. Specifically, it waives the requirement that the Current Ratio must not fall below 0.90 to 1.00 during each calendar month ending between April 30, 2026, and December 31, 2026.
In other business, the Company disclosed details regarding its Wellbore Participation and Assignment Plan. Through this plan, employees, including executive officers, have the opportunity to acquire non-operating working interests in 38 Company-operated wells located in North Dakota and Montana. Participants commit to paying a percentage of the development costs, initially paying 3.0% of their commitment based on forecasted costs. The plan provides participants with a net revenue interest equal to 80% of their elected working interest, with no distributions expected until all development costs are incurred.
