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Southern Energy Corp. Announces Second Quarter 2023 Financial Results and Provides Gwinville Operational Update
CALGARY, AB / ACCESSWIRE / August 18, 2023 / Southern Energy Corp. (" Southern " or the " Compan...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Second Quarter 2023 Financial Results and Provides Gwinville Operational UpdateCALGARY, AB / ACCESSWIRE / August 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 its second quarter financial and operating results for the three and six months ended June 30, 2023. 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, 2023, 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.SECOND QUARTER 2023 HIGHLIGHTSGenerated $0.2 million of adjusted funds flow from operations1 in Q2 2023, excluding $0.5 million of one-time transaction costs and general and administrative costsNet loss of $3.8 million in Q2 2023 ($0.03 net loss per share basic and diluted), compared to net earnings of $2.8 million in Q2 2022Petroleum and natural gas sales of $3.7 million in Q2 2023 and $8.9 million for the six months ended June 30, 2023On June 1, 2023, Southern completed a strategic and highly synergistic acquisition in Gwinville of approximately 400 boe/d (99% natural gas) for cash consideration of $3.2 million (the \"Gwinville Acquisition\")Q2 2023 average production of 15,9072 Mcfe/d (2,651 boe/d) (96% natural gas), an increase of 12% from Q2 2022. Current field sales production is approximately 2,900 boe/d (96% natural gas), with four new horizontal wellbores awaiting completion operations. Once Southern commits to completing these two padsites, it is expected that all four wells could be on production within approximately eight weeksAverage realized natural gas and oil prices for Q2 2023 of $2.18/Mcf and $72.83/bbl compared to $7.53/Mcf and $109.01/bbl in Q2 2022. The current NYMEX strip price forecast for the remainder of 2023 is averaging approximately $3.10/MMBtu, a 47% increase compared to the benchmark price in Q2 2023Ian Atkinson, Pre...