Sept 10 (Reuters) - PHX Energy Services Corporation PHX.TO :
* Phx energy services corp- in light of current and forecasted industry
conditions, to reduce monthly dividend from $0.0175 per share to $0.0033 per
share
* Says Phoenix USA and the parties to the class actions have entered into a
settlement agreement
* Phx energy services corp - significantly reduced its cost structure to align
with anticipated lower activity levels and reduced day rates
* Parties agreed, among other things, for full and final release and dismissal
of all claims and allegations made in class actions
* Establishment of a US$5.0 million settlement fund, which shall be funded by
the corporation in three equal installments
* Phx energy services corp - cost structure reducing has driven many cost
saving initiatives, including decision to release nearly 50% of 2015
workforce
* Says in addition the corporation reduced salaries by 5 to 20 percent
company-wide early in 2015
* Source text for Eikon ID:nMKW7jjwna
* Further company coverage PHX.TO