Southern Energy Corp. Announces First Quarter 2024 Financial and Operating Results

Calgary, AB / ACCESSWIRE / May 28, 2024 / Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC)(OTCQX:SOUTF), a producer with natural gas and light oil assets in Mississippi, has released its first quarter financial and operating results for the three months ended March 31, 2024.

Highlights include an average production of 18,055 Mcfe/d (96% natural gas), a 15% increase from Q1 2023. However, petroleum and natural gas sales decreased by 8% to $4.8 million due to lower natural gas prices. The company reported a net loss of $3.1 million compared to a $1.1 million loss in Q1 2023. Average realized natural gas prices were $2.53/Mcf, down from $3.25/Mcf in Q1 2023.

Notably, Southern entered into a new fixed price swap contract for 5,000 MMBtu/d from May 2024 to December 2026 at $3.40/MMBtu and aligned its credit facility terms to extend until December 2026. This positions the company to capitalize on expected improvements in natural gas prices.

Southern's shareholders’ meeting is scheduled for June 20, 2024, in Calgary and via webcast.