The following is sent at Roger McNitt’s request. Please direct questions/comments to Mr. McNitt at (619) 813-2833.
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September 15, 2023
FOR IMMEDIATE RELEASE
Southern Realty Co. (“Southern” or “SRLY”) announced today two new one-time cash payment limited waiver surface rights agreements for new solar projects
SRLY owns nearly 40,000 gross (18,000 net) acres of mineral rights, most of which are in California’s Central Valley. SRLY expects that revenues related to its mineral rights in the near future will come from one-time cash consideration surface rights waiver agreements for solar projects. In the past it has entered into surface rights agreements for solar projects receiving one-time payments only. It recently entered into another such agreement and has received a one-time cash payment in the low hundred-thousand-dollar range. Additionally, it has agreed to enter into a second such agreement and expects to receive a one-time payment in the high hundred-thousand-dollar range by September 30, 2023.
Forward-Looking Information
All statements, other than statements of historical fact, are Forward-Looking Statements. Forward-Looking Information typically contains statements with words such as “anticipate”, “believe”, “plan”, “continuous”, “estimate”, “expect”, “may”, “will”, “project”, “potential”, “hope”, “should”, or similar words suggesting future outcomes. Many of the Company’s statements referred to herein are its Forward-Looking Statements. Actual results may differ materially from those projected in any Forward-Looking Statement. Investors should not rely on Forward-Looking Statements because they are subject to a wide variety of contingencies and based on a number of assumptions, which may not prove to be true. There can be no assurance that any prospective lessees will drill on the Company's mineral interests or that any minerals or hydrocarbons will be found; or if found, that they will be in paying quantities, that there will be a market therefor or that lessees will pool with the Company's interest. Also, there can be no assurance that any lessee’s drilling will not be delayed or prevented by acts of governments, agencies, courts, or environmentalists. Additionally any lessee’s success in its wells is highly dependent not only on it exploratory efforts, but its financing, prevailing prices for oil and gas, ability to track and retain qualified subcontractors, delays or changes in plans, competition for and/or inability to retain drilling rigs or other services; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, skilled personnel and supplies; risks associated with uncertainty of resource estimates; governmental regulation of the oil and gas industry, including SB 4 and other environmental regulation; geological, technical, drilling processing problems and other difficulties in producing reserves; the uncertainty of estimates and projections of production costs and expenses; unanticipated operating events or performance which can reduce production or cause production to be shut in or delayed; incorrect assessments of the value of acquisitions; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in prices for oil and natural gas; liabilities inherent in oil and natural gas operations; access to capital and other factors . There also can be no assurance that the Company will enter into future solar agreements. Furthermore there can be no assurance that any solar project will not be delayed or prevented by acts of government, agencies, Courts (including a public utility bankruptcy), or environmentalists. The ability to develop a solar project is highly dependent on its financing, prevailing prices for electricity, ability to track and retain qualified subcontractors, interest rates, delays or changes in competition for services or goods, including prices for polysilicon, and government incentives, including tax incentives, for solar projects. In addition, there are other risk factors affecting business generally which might affect the Company, including but not limited to, overall economic conditions, changes in tax, environmental or other laws or regulations, prevailing prices for electricity, oil and gas, and the effect of actions taken by competitors, environmentalists, and regulatory authorities. You should not place undue reliance on these Forward-Looking Statements, which speak only as of the date hereof. Unless legally required, the Company undertakes no obligation to update publicly any Forward-Looking Statements, whether as a result of new information, further events or otherwise.