Annual Statement of Changes in Beneficial Ownership (5)

FORM 5 [X] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). [ ] Form 3 Holdings Reported [ ] Form 4 Transactions Reported	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0362 Estimated average burden hours per response... 1.0
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * GHK Royalty LLC	2. Issuer Name and Ticker or Trading Symbol PHX MINERALS INC. [PHX]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                    __X__ 10% Owner _____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle) 6305 WATERFORD BLVD,  #470	3. Statement for Issuer's Fiscal Year Ended (MM/DD/YYYY) 9/30/2021
(Street) OKLAHOMA CITY, OK 73118 (City)        (State)        (Zip)	4. If Amendment, Date Original Filed(MM/DD/YYYY)	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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)	4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
				Amount	(A) or (D)	Price
Common Stock	12/3/2020		P	13664	A	$1.779	691459	D (1)
Common Stock	12/4/2020		P	86336	A	$2.048	777795	D (1)
Common Stock	12/10/2020		P	6100	A	$2.03	783895	D (1)
Common Stock	12/16/2020		P	6777	A	$2.007	790672	D (1)
Common Stock	12/17/2020		P	55033	A	$2.029	845705	D (1)
Common Stock	1/25/2021		P	15823	A	$2.926	861528	D (1)
Common Stock	1/27/2021		P	25713	A	$3.003	887241	D (1)
Common Stock	2/1/2021		J (2)	1000000	A	$0.00	1887241	D (1)
Common Stock	2/1/2021		J (2)	1000000	D	$0.00	2000000	D (3)
Common Stock	3/2/2021		J (2)	1700000	A	$0.00	3587241	D (1)
Common Stock	3/2/2021		J (2)	1700000	D	$0.00	300000	D (3)
Common Stock	4/8/2021		S	18000	D	$2.82 (4)	282000	D (3)
Common Stock	4/9/2021		S	31400	D	$2.781 (5)	250600	D (3)
Common Stock	4/12/2021		S	9571	D	$2.622 (6)	241029	D (3)
Common Stock	5/13/2021		J (5)	150000	D	(7)	91029	D (3)
Common Stock	8/3/2021		S	87423	D	$2.998	3499818	D (1)
Common Stock	8/4/2021		S	34405	D	$2.971	3465413	D (1)
Common Stock	8/5/2021		S	13615	D	$2.988	3451798	D (1)
Common Stock	8/6/2021		S	20067	D	$2.967	3431731	D (1)
Common Stock	8/9/2021		S	82274	D	$2.974	3349457	D (1)
Common Stock	8/10/2021		S	3856	D	$2.958	3345601	D (1)
Common Stock	8/11/2021		S	16978	D	$2.944	3328623	D (1)
Common Stock	8/12/2021		S	5386	D	$2.936	3323237	D (1)
Common Stock	8/13/2021		S	1396	D	$2.914	3321841	D (1)
Common Stock	8/23/2021		S	12700	D	$2.50	89633	D (3)
Common Stock	9/1/2021		S	2800	D	$2.515	3319041	D (1)
Common Stock	9/2/2021		S	38022	D	$2.451	3281019	D (1)
Common Stock	9/3/2021		S	56427	D	$2.469	3224592	D (1)
Common Stock	9/6/2021		S	105670	D	$2.466	3118922	D (1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (MM/DD/YYYY)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
					(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:
(1)	These shares are owned directly by Mr. Hefner.
(2)	These transactions represent distributions from GHK Royalty LLC to Mr. Hefner for no consideration. Mr. Hefner is the 100% owner of GHK Royalty LLC and these transactions represent a mere change in form of ownership for Mr. Hefner.
(3)	These shares are owned directly by GHK Royalty LLC. Mr. Hefner indirectly owns these shares as a manager and 100% owner of GHK Royalty LLC.
(4)	The Reporting Person's sale on April 8, 2021 was matchable under Section 16(b) of the Exchange Act with purchases on made December 3, 2020 and December 16, 2020. The Reporting Person remitted $17,749.39 to the Issuer prior to the filing of this Form 5, representing the full amount of profit realized on the short-swing transaction.
(5)	The Reporting Person's sale on April 9, 2021 was matchable under Section 16(b) of the Exchange Act with purchases made on December 16, 2020 and December 17, 2020. The Reporting Person remitted $23,666.50 to the Issuer prior to the filing of this Form 5, representing the full amount of profit realized on the short-swing transaction.
(6)	The Reporting Person's sale on April 12, 2021 was matchable under Section 16(b) of the Exchange Act with the purchase made December 17, 2020. The Reporting Person paid $5,675.60 to the Issuer on May 26, 2022, representing the full amount of profit realized on the short-swing transaction.
(7)	The Reporting Person transferred shares to a non-affiliated employee.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GHK Royalty LLC 6305 WATERFORD BLVD #470 OKLAHOMA CITY, OK 73118		X
HEFNER ROBERT A III 6305 WATERFORD BLVD #470 OKLAHOMA CITY, OK 73118		X

Signatures
GHK Royalty LLC By:/s/ Robert A Hefner III Manager		8/31/2022
**Signature of Reporting Person		Date
/s/ Robert A. Hefner III		8/31/2022
**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 4(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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