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Southern Energy Corp. (OTCQX:SOUTF) reported its fourth quarter and year-end financial results for December 31, 2022. Key highlights include:
- Adjusted funds flow from operations increased to $3.1 million in Q4 2022, up 500% from Q4 2021, totaling $17.2 million for the year.
- Net earnings for Q4 were $1.7 million compared to $3.3 million in Q4 2021, affected by a previous impairment recovery.
- Petroleum and natural gas sales reached $9.8 million in Q4 2022, a 37% rise compared to Q4 2021, with a yearly total of $45.2 million.
- Average production rose by 26% in Q4 2022 to 16,084 Mcfe/d.
- Positive net cash of $13.4 million was reported at year-end.
Southern Energy Corp. announced significant reserves upgrades for 2022, highlighting a 25% increase in proved developed producing (PDP) reserves to 6.2 MMboe, 44% in total proved reserves to 14.1 MMboe, and 31% in proved plus probable reserves to 25.5 MMboe. The before-tax net present value (NPV10) of 2P reserves rose by 61% to $142.5 million. While Southern plans to decrease its capital budget from $101 million to approximately $55 million due to low natural gas prices, operational efficiencies have improved drilling timelines significantly. The company remains poised for growth with its reserves and asset potential.
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Southern Energy Corp. (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF) has provided an update on its total voting rights following the admission of 18,863,750 new common shares. As of December 31, 2022, the company has 138,056,910 common shares outstanding, which shareholders will use to assess any interest changes under the FCA's Disclosure Guidance. Each common share allows one vote at general meetings, and there are no shares held in treasury. Southern Energy focuses on natural gas and light oil resources in the Gulf States.