PHX Energy Services Announces Inaugural ESG and Sustainability Report

PHX Energy Services Corp. ("PHX Energy" "we" "our" or the "Corporation") (TSX: PHX) is pleased to announce the release of our inaugural Environmental, Social and Governance (“ESG”) and Sustainability Report, highlighting our performance, strategies, commitments, and initiatives related to sustainability, ethical business practices and social responsibility.

We are committed to being stewards of the environment, investing in our people, giving back to the community and conducting our business with the utmost integrity. We are proud to share this with our stakeholders through transparent ESG disclosure that discusses the actions we have taken, the results we have achieved, commitments we have made and initiatives we are taking to continually improve. Highlights of our ESG Report include:

• Our environmental impact and how we manage our environmental risk through out our value chain.
• Our commitment to fostering a unique culture that promotes open communication, engagement and inclusion.
• Our unwavering focus on the health and safety of our people and our stakeholders.
• Our philanthropic activities that give back to the communities in which we operate and our numerous charitable initiatives.
• Our commitment to our strong governance practices throughout all levels of our organization.
• Our targets for 2021, which include further aligning our initiatives with the Sustainability Accounting Standards Board’s (“SASB”) guidance and standards.

Our full ESG and Sustainability Report is available on our website at www.phxtech.com

About PHX Energy Services Corp.

PHX Energy, 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, Albania and Russia.

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

For further information please contact:

John Hooks, CEO; Michael Buker, President; or Cameron Ritchie, Senior Vice President Finance and CFO

PHX Energy Services Corp. Suite 1400, 250 2nd Street SW Calgary, Alberta T2P 0C1 Tel: [phone] Fax: [phone] www.phxtech.com