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Southern Energy Corp. Announces Third Quarter 2022 Financial and Operating Results, First Half 2023 Capital Budget and Spud of the First Padsite in the Multi-Well Development Program at Gwinville
CALGARY, AB / ACCESSWIRE / November 22, 2022 / Southern Energy Corp. (" Southern " or the " ...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Third Quarter 2022 Financial and Operating Results, First Half 2023 Capital Budget and Spud of the First Padsite in the Multi-Well Development Program at GwinvilleCALGARY, AB / ACCESSWIRE / November 22, 2022 / 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, today announces the release of its third quarter financial and operating results for the three and nine months ended September 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 nine months ended September 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.THIRD QUARTER 2022 HIGHLIGHTS$8.3 million of adjusted funds flow from operations1 in Q3 2022 ($0.06 per share basic and diluted) compared to a loss of $0.2 million in Q3 2021 ($0.00 per share basic and diluted) and $14.1 million for the nine months ended September 30, 2022 ($0.14 per share basic and $0.13 per share diluted), an increase of 907% from the same period in 2021Net earnings of $6.6 million ($0.05 per share basic and $0.04 per share diluted) and $7.6 million ($0.08 per share basic and $0.07 per share diluted) for the three and nine months respectively ended September 30, 2022 as compared to net earnings of $4.3 million ($0.10 per share basic and $0.07 per share diluted) and $6.8 million ($0.18 per share basic and $0.15 per share diluted) in the same period of 2021, an increase of 53% and 12% as compared to the prior periods, respectivelyPetroleum and natural gas sales of $19.2 million in Q3 2022, an increase of 268% from the same period in 2021Q3 2022 average production of 20,449 Mcfe/d2 (3,408 boe/d) (96% natural gas), an increase of 67% from the same period in 2021Average realized natural gas and oil prices for Q3 2022 of $10.00/Mcf and $91.93/bbl, respectively, reflecting the benefit of strategic access to premium-priced US sales hubs in a geographic region with stro...