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Southern Energy Corp. Announces Fourth Quarter And Year End 2025 Financial And Operating Results
CALGARY, AB / ACCESS Newswire / April 28, 2026 / Southern Energy Corp. (" Southern " or the ...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Fourth Quarter And Year End 2025 Financial And Operating ResultsCALGARY, AB / ACCESS Newswire / April 28, 2026 / Southern Energy Corp. (\"Southern\" or the \"Company\") (TSXV:SOU)(AIM:SOUC), an established producer with natural gas and light oil assets in Mississippi, announces its fourth quarter and year end December 31, 2025 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, 2025, as well as the Company's annual information form for the year ended December 31, 2025, (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.FEBRUARY FINANCINGOn February 12, 2026, the Company completed a financing and royalty transaction with certain arm's-length investors pursuant to which it issued the 2026 Debentures (as defined below) and common shares in the capital of the Company (\"Common Shares\") and granted a 6% gross overriding royalty (\"GORR\") on its existing and future developed production (collectively, the \"February Financing\"). The Company issued 17,000 $1,000 face value senior secured convertible debentures (the \"2026 Debentures\") for gross proceeds of $17.0 million, 30.0 million new Common Shares at a price of CAD$0.07 ($0.05) per Common Share for gross proceeds of CAD$2.1 million ($1.5 million) and received $5.0 million of proceeds from the sale of the gross overriding royalty. The February Financing generated aggregate net proceeds of approximately $22.0 million, which were used in part to repay and retire the Company's senior credit facility (the \"Credit Facility\"), with the remainder intended to fund development capital and general corporate purposes. The 2026 Debentures mature on December 31, 2028, and bear interest at 7% per annum.On a pro-forma basis, following the February Financing, Southern exited Q1 2026 with no senior bank debt, extended maturities to December 31, 2028, and materially reduced its annual ca...