WhiteHawk Minerals has completed approximately $111.8 million in acquisitions of natural gas mineral and royalty interests, supported by $125 million in equity financings. The Philadelphia-based company also increased the borrowing base under its reserve-based revolving credit facility to $175 million, which remains fully undrawn.
The acquisitions include WhiteHawk’s previously announced $105 million purchase of Marcellus, Utica, and Haynesville Shale mineral and royalty assets from San Jacinto Minerals II (SJM II). WhiteHawk originally announced that transaction on August 12, 2026.
The newly acquired properties increase WhiteHawk’s exposure to established natural gas-producing regions in Appalachia and the Haynesville Basin, adding mineral and royalty interests associated with major industry operators.
To fund the acquisitions, WhiteHawk completed two equity financings during September.
The company closed a $75 million private placement of Class A common stock on September 21, 2026, followed by a $50 million issuance of newly created Series E Preferred Stock on September 23.
Together, the transactions provided $125 million in equity financing. The company did not separately disclose the purchase price for every property included in the $111.8 million acquisition total.
The acquired portfolio covers approximately 700,000 gross unit acres and 11,810 net royalty acres, normalized to a one-eighth royalty interest. The properties carry an average net revenue interest of approximately 0.21%.
The acquisitions also add exposure to more than 1,700 producing wells, 245 wells in process or under permit, and approximately 2,500 undeveloped drilling locations.
These interests provide WhiteHawk with exposure to production from existing wells as well as potential future development undertaken by the operators managing the underlying properties.
Approximately 600,000 gross unit acres are located in Appalachia, with exposure to operators including EQT Corporation, Range Resources, CNX Resources, and Antero Resources.
The remaining approximately 100,000 gross unit acres are located in the Haynesville region, where major operators associated with the acquired interests include Expand Energy Corporation, Apex Energy, and Adamas Energy.
WhiteHawk’s business model centers on acquiring mineral and royalty interests rather than directly operating drilling programs. Its financial performance therefore depends in part on production, commodity prices, and development activity undertaken by operators on the properties in which it holds interests.
The latest acquisitions expand the company’s portfolio in three major U.S. natural gas-producing formations while increasing its exposure to established operating companies.
In conjunction with closing the transactions, WhiteHawk completed the fall redetermination of its reserve-based revolving credit facility.
That process increased the facility’s borrowing base to $175 million. The facility remains fully undrawn, giving the company additional borrowing capacity to pursue future acquisitions or address other capital requirements.
WhiteHawk intends to use the expanded borrowing capacity and its newly acquired royalty portfolio to support its strategy of consolidating natural gas mineral and royalty interests.
The company said the acquisition and financing transactions strengthen its exposure to established natural gas-producing regions while preserving financial flexibility.
Founded in 2022, WhiteHawk focuses on mineral and royalty interests in the Marcellus, Utica, and Haynesville Shales.
Following its latest acquisitions, the company reports mineral and royalty interests spanning approximately 3.6 million gross unit acres.
WhiteHawk also reports that it holds royalty interests in wells associated with approximately 13% of total U.S. dry natural gas production in 2025. That figure describes production from wells in which WhiteHawk holds royalty interests, not its ownership of 13% of U.S. gas output.
Its management team has more than 125 years of combined industry experience, which the company is applying to its acquisition-led growth strategy.
The additional equity capital and expanded revolving credit facility provide WhiteHawk with resources to continue evaluating acquisition opportunities as it builds its mineral and royalty portfolio.
KEY QUOTES:
“The closing of the Acquisitions and related equity financings reflects our continued execution of WhiteHawk’s business strategy, and deepens our exposure to the core of Appalachia and the Haynesville under the basins’ leading operators.”
“Along with the Acquisitions, increasing our borrowing capacity under our revolving credit facility to $175.0 million, which remains fully undrawn, gives us significant liquidity and flexibility to continue pursuing disciplined, accretive growth while maintaining our low-leverage profile.”
Daniel Herz, Chairman, President and CEO of WhiteHawk Minerals
