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Southern Energy Corp reported Q3 2024 financial results with petroleum and natural gas sales of $3.5 million, a 34% decrease from Q3 2023. Average production was 14,018 Mcfe/d (97% natural gas), down 17% year-over-year. The company posted a net loss of $2.1 million ($0.01 per share) and generated $0.6 million in adjusted funds flow from operations. Average realized prices were $2.40/Mcf for natural gas and $73.78/bbl for oil. The company reduced net debt by $1.4 million from Q2 2024 and monetized excess inventory equipment for $3.4 million in the first nine months of 2024.
Southern Energy Corp. (TSXV:SOU, AIM:SOUC, OTCQX:SOUTF) released its Q2 2024 financial results. Key highlights include:
- Petroleum and natural gas sales of $3.9 million, up 4% year-over-year
- Average production of 15,465 Mcfe/d (2,578 boe/d), down 3% year-over-year
- Adjusted funds flow from operations of $0.8 million
- Net loss of $2.6 million ($0.02 per share)
- Average realized natural gas price of $2.26/Mcf, a 20% premium over Henry Hub
- Entered fixed price swap for 5,000 MMBtu/d at $3.40/MMBtu from May 2024 to December 2026
- Extended convertible debentures maturity to June 30, 2025
The company remains focused on cost reduction and operational efficiency amid low natural gas prices, while positioning for growth when market conditions improve.
Southern Energy Corp. (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF) announced plans to issue 745,391 common shares to holders of its 8% convertible unsecured subordinated debentures as an interest payment due on June 30, 2024. The total amount of CAD$171,440 will be settled by issuing shares at CAD$0.23 per share, based on the volume-weighted average price over the past 20 trading days.
This decision, subject to the final acceptance of the TSX Venture Exchange, will increase the company's total common shares outstanding to 167,242,824. Additionally, a Director and PDMR who holds convertible debentures will receive 9,044 common shares.
The new shares will rank equally with existing shares and are expected to begin trading on AIM around July 2, 2024.
Southern Energy Corp. (TSXV: SOU, AIM: SOUC, OTCQX: SOUTF) has received approval from holders of its convertible debentures to amend the debenture indenture. The amendments include extending the maturity date by one year to June 30, 2025, and raising the interest rate from 8.00% to 10.00% per annum starting June 30, 2024. Southern Energy will issue 1,863,478 common share purchase warrants to the debenture holders, allowing them to buy shares at C$0.25 each for 12 months. These changes are subject to final acceptance by the TSX Venture Exchange.
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