Business
Southern Energy Corp. Announces Fourth Quarter and Year End 2021 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / April 19, 2022 / Southern Energy Corp. (" Southern " or the " Com...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Fourth Quarter and Year End 2021 Financial and Operating ResultsCALGARY, AB / ACCESSWIRE / April 19, 2022 / Southern Energy Corp. (\"Southern\" or the \"Company\") (TSXV:SOU)(AIM:SOUC) today announces the release of its fourth quarter and year ended December 31, 2021, financial and operating results.Southern is an established producer with natural gas and light oil assets in Mississippi characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to the best commodity pricing in North America. Selected financial and operational information is outlined below and should be read in conjunction with the Company's consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three months and year ended December 31, 2021 and annual information form (\"AIF\") for the year ended December 31, 2021, which are available on the Company's website at www.southernenergycorp.com and have been filed on SEDAR.All figures referred to in this news release are denominated in U.S. dollars, unless otherwise noted.FOURTH QUARTER AND YEAR END 2021 HIGHLIGHTS$1.4 million of adjusted funds flow from operations1 in Q4 2021 and $4.8 million for the full year of 2021, excluding $2.0 million of one-time expenses related to the listing of the common shares of the Company (the \"Common Shares\") on the AIM market of the London Stock Exchange plc (the \"AIM\"), an increase of 88% and 81% from the same periods in 2020, respectivelyQ4 2021 average production of 12,753 Mcfe/d2 (2,126 boe/d) (91% natural gas), resulting in average production for the year of 12,592 Mcfe/d3 (2,099 boe/d) (92% natural gas), a 6% and 2% decrease from the same periods in 2020, respectively, demonstrating the long life, low decline profile of Southern's base assetsPetroleum and natural gas sales of $7.2 million in Q4 2021 and $19.9 million for full year 2021, an increase of 107% and 91% from the same periods in 2020, respectivelyAnnual net earnings of $10.1 million in 2021 ($0.24 per share - basic) compared to a net loss of $7.8 million in 2020Net Debt1 reduced by $8.7 million in Q4 2021 and $16.6 million for the full year of 2021 to $6.4 million as at December 31, 2021Average realized oil and natural gas prices for Q4 202...