PHX PHX Energy Services Corp

PHX Energy Services Corp. ("PHX Energy" or the "Corporation") is pleased to announce that its Board of Directors has declared a quarterly cash dividend of $0.05 per common share designated as an “eligible dividend” within the meaning of subsection 89(1) of the Income Tax Act (Canada), payable on January 17, 2022, to shareholders of record at the close of business on December 31, 2021.

About PHX Energy Services Corp.

The Corporation, through its directional drilling subsidiary entities, provides horizontal and directional drilling technology and services to oil and natural gas producing companies in Canada, the US, Russia, Albania and the Middle East through a partnership with National Energy Services Reunited Corp.

The common shares of PHX Energy are traded on the Toronto Stock Exchange under the symbol "PHX".

For further information please contact:

PHX Energy Services Corp. John Hooks Chief Executive Officer Phone: (403) 543-4466

or

PHX Energy Services Corp. Cameron Ritchie Senior Vice President, Finance and Chief Financial Officer Phone: (403) 543-4466

or

visit our website at www.phxtech.com.