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Southern Energy Corp. Announces Third Quarter 2023 Financial and Operating Results and Director Retirement
CALGARY, AB / ACCESSWIRE / November 29, 2023 / Southern Energy Corp. (" Southern " or the " Comp...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Third Quarter 2023 Financial and Operating Results and Director RetirementCALGARY, AB / ACCESSWIRE / November 29, 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 third quarter financial and operating results for the three and nine months ended September 30, 2023. Selected financial and operational information is outlined below and should be read in conjunction with the Company's unaudited consolidated financial statements and related management's discussion and analysis (the \"MD&A\") for the three and nine months ended September 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.THIRD QUARTER 2023 HIGHLIGHTSPetroleum and natural gas sales of $5.3 million in Q3 2023 and $14.2 million for the nine months ended September 30, 2023Generated $1.1 million of adjusted funds flow from operations1 in Q3 2023 ($0.01 per share basic and fully diluted)Net loss of $2.4 million in Q3 2023 ($0.02 net loss per share basic and fully diluted)Q3 2023 average production of 16,8812 Mcfe/d (2,814 boe/d) (95% natural gas)Average realized natural gas and oil prices for Q3 2023 of $2.83/Mcf and $82.65/bbl compared to $10.00/Mcf and $91.93/bbl in Q3 2022, and $2.18/Mcf and $72.83/bbl in the prior quarterSuccessfully renegotiated an increase of $2.0 million in the borrowing base of the Company's senior secured term loan (the \"Credit Facility\"), extended the availability of Tranche B to August 31, 2025 to match the term of the Credit Facility, and extended the principal amortization period of the Credit Facility by twelve monthsSUBSEQUENT EVENTSOn November 9, 2023, closed an equity financing raising aggregate gross proceeds of $5.0 million through the issuance of a total of 26,630,000 new Common SharesIn early December 2023, the Company is mobilizing equipment to the field in Gwinville to start completion operations on the first drilled and uncompleted (\"DUC\") well at the 14-6 #3 (Upper Selma Chalk)Ian Atkinson, President and Chief Executive Officer of Southern, comme...