Southern Energy Corp. has announced strong Q3 2022 results, reporting $8.3 million in adjusted funds flow from operations, a 907% increase year-over-year. The company achieved $19.2 million in petroleum and natural gas sales, up 268% from Q3 2021. Net earnings were $6.6 million, reflecting a 53% increase compared to the previous year's third quarter. Average production rose to 20,449 Mcfe/d, a 67% increase, bolstered by high natural gas prices. Southern also secured a $25 million increase in borrowing capacity to fund its growth plans.
Southern Energy Corp. has successfully graduated to the OTCQX Best Market from the Pink Open Market, allowing its common shares to trade under the ticker SOUTF. This upgrade simplifies investment for U.S. shareholders and follows stringent financial and governance standards. The company continues to trade on the TSX Venture Exchange and the AIM market. CEO Ian Atkinson highlighted this milestone as a means to enhance shareholder value through future development initiatives, particularly at their Gwinville site.