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Southern Energy Corp. Announces First Quarter 2023 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / May 30, 2023 / Southern Energy Corp. (" Southern " or the " Company "...
About this update from Spartan Delta Corp
[{"type":"text","content":"Southern Energy Corp. Announces First Quarter 2023 Financial and Operating ResultsCALGARY, AB / ACCESSWIRE / May 30, 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 first quarter financial and operating results for the three months ended March 31, 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 months ended March 31, 2023, 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.FIRST QUARTER 2023 HIGHLIGHTSGenerated $1.7 million of adjusted funds flow from operations1 in Q1 2023 ($0.01 per share basic and diluted)Net loss of $1.1 million in Q1 2023 ($0.01 loss per share basic and diluted), compared to a net loss of $1.9 million in Q1 2022Petroleum and natural gas sales were $5.2 million in Q1 2023Maintained balance sheet strength with net debt1 to adjusted funds flow from operations ratio of 1.2x on a trailing twelve month basis down from 2.6x in the first quarter of 2022Average production of 15,643 Mcfe/d2 (2,607 boe/d) (95% natural gas) during Q1 2023, an increase of 36% from the same period in 2022Average realized natural gas and oil prices for Q1 2023 of $3.25/Mcf and $75.73/bbl, respectively, reflecting the benefit of strategic access to premium-priced U.S. sales hubs in a geographic region with strong industrial and power generation natural gas demandDrilled six net wells at Gwinville in Q1 2023 from three padsites, with each subsequent pad drilling operation resulting in fewer drilling days per well depth adjusted2022 Year End Reserves Upgrade:Highlights of the Company's year end independent oil and gas reserves evaluation as at December 31, 2022 (the \"NSAI Report\") prepared by independent qualified reserves evaluator Netherland, Sewell & Associates, Inc. (\"NSAI\") include:an increase in proved developed producing (\"PDP\") reserves of 25% to 6.2 MMboean increase in total proved (\"1P\") reserves of ...