Potential IPO of Series A Preferred Shares; Credit Agreement amended to permit issuance

Phoenix Energy One, LLC

On June 26, 2025, Phoenix Energy One filed a Form 1-A offering statement for a potential initial public offering of Series A Cumulative Redeemable Preferred Shares.
The company expects to amend its LLC agreement to create common and preferred shares, establish a board of directors, and define preferred share rights.
Amendment No. 5 to the Credit Agreement allows issuance of Series A Preferred and sets terms for distributions and redemptions.
The potential offering is subject to conditions; there is no guarantee it will be commenced or consummated.

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