Business
Southern Energy Corp. Announces Third Quarter Financial and Operating Results
CALGARY, AB / ACCESSWIRE / November 29, 2021 / Southern Energy Corp. (" Southern " or the " ...
About this update from Southern Energy Corp.
[{"type":"text","content":"Southern Energy Corp. Announces Third Quarter Financial and Operating ResultsCALGARY, AB / ACCESSWIRE / November 29, 2021 / Southern Energy Corp. (\"Southern\" or the \"Company\") (TSXV:SOU)(AIM:SOUC) today announces the release of its third quarter financial and operating results for the three and nine months ended September 30, 2021. The Company also notes that an updated corporate presentation can now be found on the Company's website at www.southernenergycorp.com.Southern is an established producer with natural gas and light oil assets in Mississippi and Alabama characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to the best commodity pricing in North America. Selected financial and operational information is outlined below and should be read in conjunction with the Company's 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, 2021, 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 Canadian dollars, unless otherwise noted.Q3 2021 Highlights· $1.7 million of adjusted funds flow from operations[1] in Q3 2021, excluding $1.9 million of one-time expenses related to AIM listing, a 51% increase from the same period in 2020· Average production of 12,237 Mcfe/d[2] (2,040 boe/d), 92% natural gas in Q3 2021, a 7% decrease from the same period in 2020· Petroleum and natural gas sales of $6.6 million in Q3 2021, an increase of 85% from the same period in 2020· As at September 30, 2021, Net Debt1 of $19.2 million, a reduction of $10.1 million or 35% from December 31, 2020· Net earnings of $5.5 million in Q3 2021 ($0.02 per share - basic) compared to a net loss of $3.0 million in Q3 2020· Average realized oil and natural gas prices for Q3 2021 of $85.50/bbl and $5.10/Mcf, respectively, reflecting the benefit of strategic access to premium-priced US sales hubs· Completed a series of low-cost well recompletions and workovers beginning in Q3 and carrying into early Q4 2021o Work program had an overall cost of approximately $1.0 million ($0.9 million in Q3 2021) and added approximately 1,250 Mcfe/d...