Business
Southern Energy Corp. Announces Fourth Quarter and Year End 2022 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / April 18, 2023 / Southern Energy Corp. (" Southern " or the " Company...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Fourth Quarter and Year End 2022 Financial and Operating ResultsCALGARY, AB / ACCESSWIRE / April 18, 2023 / Southern Energy Corp. (\"Southern\" or the \"Company\") (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF), an established producer with natural gas and light oil assets in Mississippi, announces the release of its fourth quarter and year end December 31, 2022, financial and operating results. Selected financial and operational information is outlined below and should be read in conjunction with the Company's audited 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, 2022 and annual information form (\"AIF\") for the year ended December 31, 2022, 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 2022 HIGHLIGHTS$3.1 million of adjusted funds flow from operations1 in Q4 2022 ($0.02 per share basic and diluted) compared $1.4 million in Q4 2021 ($0.02 per share basic and diluted) and $17.2 million for the year ended December 31, 2022 ($0.16 per share basic and $0.14 per share diluted), an increase of 500% from the same period in 2021Net earnings of $1.7 million ($0.01 per share basic and diluted) and $9.3 million ($0.09 per share basic and $0.08 per share diluted) for the three and twelve months ended December 31, 2022; as compared to net earnings of $3.3 million ($0.06 per share basic and $0.05 per share diluted) and $10.1 million ($0.24 per share basic and $0.19 per share diluted) in the same period of 2021. 2021 results included the one-time recognition of an impairment recovery and gain on debt retirementPetroleum and natural gas sales were $9.8 million in Q4 2022 and $45.2 million for the full year 2022, an increase of 37% and 127% from the same periods in 2021, respectivelyAverage production of 16,084 Mcfe/d2 (2,681 boe/d) (96% natural gas) during Q4 2022 and 15,584 Mcfe/d3 (2,597 boe/d) (95% natural gas) for the full year 2022, an increase of 26% and 24% from the same periods in 2021, respectivelyAverage realized natural gas and oil prices for Q4 2022 of $6.35/Mcf and $81.98/bbl, respectively, re...