Business
Southern Energy Corp. Announces Fourth Quarter and Year End 2023 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / April 26, 2024 / 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 2023 Financial and Operating ResultsCALGARY, AB / ACCESSWIRE / April 26, 2024 / 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 its fourth quarter and year end December 31, 2023 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 and related management's discussion and analysis (the \"MD&A\") for the three and twelve months ended December 31, 2023, as well as the Company's annual information form for the year ended December 31, 2023, (the \"AIF\"), all of which are available on the Company's website at www.southernenergycorp.com and have been filed under the Company's profile on SEDAR+ at www.sedarplus.ca.All figures referred to in this news release are denominated in U.S. dollars, unless otherwise noted. FOURTH QUARTER AND YEAR END 2023 HIGHLIGHTSAverage production of 16,755[1] Mcfe/d (2,793 boe/d) (96% natural gas) during Q4 2023 and 16,305[2] Mcfe/d (2,718 boe/d) (95% natural gas) for the year ended December 31, 2023, an increase of 4% and 5% from the same periods in 2022, respectivelyOn June 1, 2023, Southern completed a strategic and highly synergistic acquisition in Gwinville of assets producing approximately 400 boe/d (99% natural gas) for cash consideration of $3.2 million (the \"Gwinville Acquisition\")Generated $0.8 million of adjusted funds flow from operations[3] in Q4 2023 ($0.01 per share basic and diluted) and $3.2 million for the year ended December 31, 2023 ($0.02 per share basic and diluted)Petroleum and natural gas sales were $5.1 million in Q4 2023 and $19.3 million for the year ended December 31, 2023, a decrease of 48% and 57% from the same periods in 2022, respectively, largely due to a significant depreciation in the natural gas priceAverage realized natural gas and oil prices for Q4 2023 of $2.95/Mcf and $76.97/bbl compared to $6.35/Mcf and $81.98/bbl in Q4 2022Net loss of $39.6 million ($0.26 per share basic and diluted) and $46.8 million ($0.33 per share basic and diluted) for the three and twelve months ended December 31, 2023, respectively, due to a $38.0 million non-cas...