Exhibit 23.2
Cawley, Gillespie & Associates, Inc.
petroleum consultants
6500 RIVER PLACE BLVD, BLDG 3 SUITE 200 306 WEST SEVENTH STREET, SUITE 302 1000 LOUISIANA STREET, SUITE 1900
AUSTIN, TEXAS 78730 FORT WORTH, TEXAS 76102-4987 HOUSTON, TEXAS 77002-5008
512-249-7000 817- 336-2461 713-651-9944
March 12, 2024
PHX Minerals Inc.
1320 S. University Dr., Suite 720
University Centre II
Fort Worth, Texas 76107
Ladies and Gentlemen:
We hereby consent to the use of the name Cawley, Gillespie & Associates, Inc., to references to Cawley, Gillespie & Associates, Inc. as independent petroleum engineers, and to the inclusion of information taken from the reports listed below (our “Reports”) in the PHX Minerals Inc. Annual Report on Form 10-K for the year ended December 31, 2023 (“the 10-K”):
We also consent to the inclusion of our reports of third party dated March 13, 2023 and January 23, 2024 in the 10-K as Exhibits thereto.
We further consent to the incorporation by reference in the Registration Statements on Form S-3 (Nos. 333-256496, 333-260531 and 333-262165) and Form S-8 (Nos. 333-245670, 333-261627 and 333-273801) of information from our Reports.
Cawley, Gillespie & Associates, Inc.
petroleum consultants
6500 RIVER PLACE BLVD, BLDG 3 SUITE 200 306 WEST SEVENTH STREET, SUITE 302 1000 LOUISIANA STREET, SUITE 1900
AUSTIN, TEXAS 78730 FORT WORTH, TEXAS 76102-4987 HOUSTON, TEXAS 77002-5008
512-249-7000 817- 336-2461 713-651-9944
Very truly yours,
/s/ W. Todd Brooker
W. Todd Brooker, President
CAWLEY, GILLESPIE & ASSOCIATES, INC.
Texas Registered Engineering Firm F-693