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Southern Energy Corp. Announces Second Quarter 2022 Financial and Operating Results, Second Half 2022 Capital Budget, Positive Gwinville Well Update And Expanded Credit Facility
CALGARY, AB / ACCESSWIRE / August 23, 2022 / Southern Energy Corp. (" Southern " or the " Co...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Second Quarter 2022 Financial and Operating Results, Second Half 2022 Capital Budget, Positive Gwinville Well Update And Expanded Credit FacilityCALGARY, AB / ACCESSWIRE / August 23, 2022 / Southern Energy Corp. (\"Southern\" or the \"Company\") (TSXV:SOU)(AIM:SOUC), the established producer with natural gas and light oil assets in Mississippi, today announces the release of its second quarter financial and operating results for the three and six months ended June 30, 2022. Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements (the \"Financial Statements\") and related management's discussion and analysis (the \"MD&A\") for the three and six months ended June 30, 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.SECOND QUARTER 2022 HIGHLIGHTS$3.6 million of adjusted funds flow from operations[1] in Q2 2022, an increase of 490% from the same period in 2021Net earnings of $2.8 million in Q2 2022 ($0.03 earnings per share - basic and diluted) compared to net earnings of $3.1 million in the same period of 2021 (which included a one-time gain of $4.5 million on debt retirement)Petroleum and natural gas sales of $10.3 million in Q2 2022, an increase of 176% from the same period in 2021Q2 2022 average production of 14,169 Mcfe/d[2] (2,362 boe/d) (95% natural gas), which included only a partial month of June from the three new Gwinville wells, an increase of 14% from the same period in 2021Completed and successfully brought online all three wells from the initial Gwinville appraisal programExited Q2 2022 with Net Debt1of $12.8 million, and Net Debt to annualized Adjusted Funds Flow from Operations1 of 0.9xAverage realized oil and natural gas prices for Q2 2022 of $109.01/bbl and $7.53/Mcf, respectively, reflecting the benefit of strategic access to premium-priced US sales hubsSUBSEQUENT EVENTSOn July 7, 2022, the Company completed a bought deal prospectus offering and placing raising aggregate gross proceeds of $31.0 million, and leaving Southern with approximately $33.2 million of cash as at July 31, 2022Initiated planning and procureme...