REG - Southern Energy Corp - Q2 2025 FINANCIAL AND OPERATING RESULTS

Southern EnergyAnnouncement

19/08/2025 07:00

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RNS Number : 7974V  Southern Energy Corp.  19 August 2025

SOUTHERN ENERGY CORP. ANNOUNCES SECOND QUARTER 2025 FINANCIAL AND OPERATING
RESULTS

 

SOUTHERN ENERGY CORP. ANNOUNCES SECOND QUARTER 2025 FINANCIAL AND OPERATING
RESULTS AND INFORMATION REGARDING THE ANNUAL MEETING OF SHAREHOLDERS

 

Calgary, Alberta - August 19, 2025 - Southern Energy Corp. ("Southern" or the
"Company") (TSXV:SOU) (AIM:SOUC), an established producer with natural gas and
light oil assets in Mississippi, announces its second quarter financial and
operating results for the three and six months ended June 30, 2025. Selected
financial and operational information is outlined below and should be read in
conjunction with the Company's unaudited consolidated financial statements and
related management's discussion and analysis (the "MD&A") for the three
and six months ended June 30, 2025, which are available on the Company's
website at www.southernenergycorp.com
(https://url.avanan.click/v2/___http:/www.southernenergycorp.com___.YXAzOnNvdXRoZXJuZW5lcmd5Y29ycDphOm86ZTkzNjY5ZDk3N2YyOWViMmVlYmIzNGZiZGZmYWM0OGU6NjozZGViOjAyYzc0NzgyYzgwNjkwMzU4YmJiYTUzNzRkNWIwMjc3M2ZjODUzYmQwZGQ5NmQ1MTYzM2RkNWMwODY1MGU4MjQ6cDpUOk4)
and have been filed under the Company's profile on SEDAR+ at www.sedarplus.ca
(https://url.avanan.click/v2/___http:/www.sedarplus.ca___.YXAzOnNvdXRoZXJuZW5lcmd5Y29ycDphOm86ZTkzNjY5ZDk3N2YyOWViMmVlYmIzNGZiZGZmYWM0OGU6NjpiZmFkOmNjYTY0NTM5OWQ3YmUwNzUwZWQ5YzJiZDA4ODdkODNmNzAxYTE5ZGEwMTVkNzRkMTE1M2JiMjhhZDQ1YWJkMTk6cDpUOk4)
.

All figures referred to in this news release are denominated in U.S. dollars,
unless otherwise noted.

SECOND QUARTER 2025 HIGHLIGHTS

·    Petroleum and natural gas sales of $4.0 million during Q2 2025, an
increase of 3% from the same period in 2024, largely due to the 61% increase
in Q2 2025 natural gas pricing over Q2 2024

·    Average production of 11,295(1) Mcfe/d (1,883 boe/d) (96% natural
gas) during Q2 2025, a decrease of 27% from the same period in 2024

·    In June 2025, Southern successfully completed the second of its four
high quality drilled uncompleted horizontal wells ("DUCs") from the Q1 2023
drilling program - the GH Lower Selma Chalk ("LSC") 13-13 #2 wellbore. The
operation was completed safely and under budget

·    Average realized natural gas and oil prices for Q2 2025 of $3.63/Mcf
and $62.60/bbl, compared to $2.26/Mcf and $80.06/bbl in Q2 2024. Southern
achieved an average premium of $0.19/Mcf (approximately 6%) above the NYMEX HH
benchmark in Q2 2025

·    Generated $0.6 million of Adjusted Funds Flow from Operations(2) in
Q2 2025 ($0.00 per share basic and diluted)

·    Net loss of $0.4 million ($0.00 per share basic and diluted) in Q2
2025, compared to a net loss of $2.6 million in Q2 2024

·    On April 8, 2025, Southern closed an equity financing raising
aggregate gross proceeds of $5.0 million (approximately £3.9 million, C$7.2
million) through the issuance of a total of 102,482,673 new units (see
"Shareholders' Equity - Share Capital" in the June 30, 2025 MD&A for full
details)

·    On April 8, 2025, Southern converted the remaining convertible
debentures in the amount of $3.1 million into 62,759,286 new units and issued
1,627,170 new units for all accrued and unpaid interest (see "Liquidity and
Capital Resources - Debenture Financing" in the June 30, 2025 MD&A for
full details of the conversion)

 

1 Comprised of 23 bbl/d light and medium crude oil, 43 bbl/d of condensate, 5
bbl/d NGLs and 10,869 Mcf/d conventional natural gas

2 See "Reader Advisories - Specified Financial Measures"

 

Ian Atkinson, President and Chief Executive Officer of Southern, commented:

"Southern continued to build momentum through the second quarter of 2025,
supported by firming natural gas prices and the successful completion in late
June of the GH LSC 13-13 #2 well in our Gwinville field, marking a key
milestone in the redevelopment of our LSC inventory. Early flowback results
are highly encouraging and we are particularly pleased to have completed this
well at 10% below our original budget, accelerating expected payouts and
reinforcing the economic viability of our broader development program.

Following our $5.0 million financing in April, Southern resumed field
operations with a focus on efficiency and value creation. The GH LSC 13-13 #2
well has already begun contributing significant new volumes with minimal
incremental operating cost and benefited from an approximate 17% premium to
Henry Hub pricing due to rising Southeast U.S. power demand during the start
of summer. This premium underscores the strategic advantage of our geographic
positioning and the strengthening macro backdrop.

Looking ahead, we expect these new volumes to materially enhance our Q3 2025
cash flow profile. With a constructive outlook for natural gas pricing into
the back half of 2025 and into 2026, combined with two additional high-quality
DUCs, a deep inventory of drilling opportunities and ongoing capital
discipline, Southern is well-positioned to deliver meaningful shareholder
value through the remainder of the year and beyond."

Financial Highlights

                                                      Three months ended June 30,                           Six months ended June 30,
 (000s, except $ per share)                           2025                   2024              2025                        2024
 Petroleum and natural gas sales                      $        3,989         $     3,889       $      9,110                $    8,683
 Net loss                                             (411)                  (2,622)           (4,290)                     (5,743)
 Net loss per share
     Basic                                            (0.00)                 (0.02)            (0.01)                      (0.03)
     Fully diluted                                    (0.00)                 (0.02)            (0.01)                      (0.03)
 Adjusted funds flow from operations ((1))            592                    770               1,221                       2,932
 Adjusted funds flow from operations per share ((1))
     Basic                                            0.00                   0.00              0.00                        0.02
     Fully diluted                                    0.00                   0.00              0.00                        0.02
 Capital expenditures and acquisitions                2,285                  60                2,468                       329
 Weighted average shares outstanding
     Basic                                            321,585                166,497           291,452                     166,489
     Fully diluted                                    321,585                166,497           291,452                     166,489
 As at period end
 Common shares outstanding                            336,255                166,497           336,255                     166,497
 Total assets                                         53,333                 52,269            53,333                      59,269
 Non-current liabilities                              21,040                 23,805            21,040                      23,805
 Net debt ((1))                                       $      (19,784)        $    (24,159)     $      (19,784)             $    (24,159)

Note:

((1)         ) See "Reader Advisories - Specified Financial
Measures".

 

Operations Update

 

In June 2025, Southern successfully completed the first of its three remaining
DUC horizontal wells from the Q1 2023 drilling program, and its first LSC
lateral - the GH LSC 13-13 #2 wellbore. Over the first 30 days of production
the well averaged natural gas rates of 3.6 MMcfe/d (99% gas), which is an
increase of over 100% compared to the average of the original LSC horizontal
wells in Gwinville that were drilled and completed by the previous operators.
The well has been flowing directly to Company facilities with all gas sold
since June 26, 2025.

 

Southern safely and efficiently completed the horizontal lateral with 25
fracture stages, placing over 5.3 million lbs of proppant - a 70% increase in
proppant intensity compared to the first-generation completions. The Company
implemented targeted stimulation design changes that improved the
predictability and speed of the fracture operations, and most importantly,
reduced the overall completion cost to $2.2 million which is over 10% below
pre-job estimates. Additionally, water flowback rates from the LSC reservoir
have been over 70% less than Southern's Upper Selma Chalk horizontal wells,
which translates into significant initial operating cost savings of ~
$0.20/Mcfe, further improving capital returns.

 

Southern will continue to monitor both regional natural gas pricing and well
performance from the GH LSC 13-13 #2 over the upcoming months before making a
decision on the completion timing of the remaining two DUC wells.

 

Southern continues to work with Federal Energy Regulatory Commission ("FERC")
staff to resolve the ongoing transportation dispute that resulted in the
shut-in of approximately 400 boe/d of production from the Mechanicsburg and
Greens Creek fields. Based on prescribed FERC resolution timelines, the
Company expects the rate determination process to be resolved sometime in Q3
2025, at which point these production volumes will come back on-line.

 

Outlook

 

Southern has taken meaningful steps to strengthen its financial position in
2025, including the successful $5.0 million equity financing in April 2025,
conversion of convertible debentures, and restructuring of financial covenants
with lender support. These actions, combined with the early success of the GH
LSC 13-13 #2 well and two additional DUCs in Gwinville, provide a clear runway
for disciplined growth.

 

The Company also continues to benefit from a fixed-price swap of 5,000 MMBtu/d
at $3.40/MMBtu through December 2026, offering downside protection. With
improved regional pricing and a strengthened financial foundation, Southern is
well-positioned to execute its capital program and generate long-term
shareholder value.

 

Southern will continue to monitor NYMEX prices and the basis differential
prices and is prepared to hedge additional volumes in a tactical manner going
forward.

 

We appreciate the continued support of our stakeholders and look forward to
providing further updates on our operational progress as we work to drive
long-term shareholder value.

 

Qualified Person's Statement

 

Gary McMurren, Chief Operating Officer, who has over 24 years of relevant
experience in the oil industry, has approved the technical information
contained in this announcement. Mr. McMurren is registered as a Professional
Engineer with the Association of Professional Engineers and Geoscientists of
Alberta and received a Bachelor of Science degree in Chemical Engineering
(with distinction) from the University of Alberta.

 

Annual Meeting of Shareholders

 

Southern's Annual Meeting of Shareholders is to be held at the Company's
offices located at Suite 2400, 333 - 7(th) Avenue S.W., Calgary, Alberta, T2P
2Z1, on Monday, October 27, 2025 at 10:00 a.m. (Calgary time) and by webcast
via Zoom, formal notice of which is available on the Company's website and on
SEDAR+ at www.sedarplus.ca
(https://url.avanan.click/v2/___http:/www.sedarplus.ca___.YXAzOnNvdXRoZXJuZW5lcmd5Y29ycDphOm86NjhjN2YxOTkxNmViY2FjNWFjNzczMjViZTlkZGVhYmM6NjoyZDFiOjFlMTFiNTU2MmZkOTI4MzU2MmVhYmQ0OGI4M2U2ZWQzZTJjNjhjZDRmYTk0ZjY2MGIzMzZiZmY1N2RmNzU3OTk6cDpUOk4)
.

 

For further information about Southern, please visit our website at
www.southernenergycorp.com
(https://url.avanan.click/v2/___http:/www.southernenergycorp.com___.YXAzOnNvdXRoZXJuZW5lcmd5Y29ycDphOm86MzA2NjE2OWIxMDBjM2FjM2I3ZjZhZDA1OGM0NTUwODU6NjpkYzc5OmExY2U1YzQxYTI4YWQ0NjQ0MWZhZThlYTdkZDdlNzlkNDI1NDQ5MjllNjk0M2QyOGFmNWQzZWIxZTRkMTJkNTQ6cDpU)
or contact:

 

  Southern Energy Corp.
  Ian Atkinson (President and CEO)                            +1 587 287 5401
  Calvin Yau (CFO)                                            +1 587 287 5402

  Strand Hanson Limited - Nominated & Financial Adviser       +44 (0) 20 7409 3494
  James Bellman / Rob Patrick / Edward Foulkes

  Tennyson Securities - Broker                                +44 (0) 20 7186 9033
  Peter Krens / Jason Woollard

About Southern Energy Corp.

Southern Energy Corp. is a natural gas exploration and production company
characterized by a stable, low-decline production base, a significant low-risk
drilling inventory and strategic access to premium commodity pricing in North
America. Southern has a primary focus on acquiring and developing conventional
natural gas and light oil resources in the southeast Gulf States of
Mississippi, Louisiana, and East Texas. Our management team has a long and
successful history working together and have created significant shareholder
value through accretive acquisitions, optimization of existing oil and natural
gas fields and the utilization of re-development strategies utilizing
horizontal drilling and multi-staged fracture completion techniques.

READER ADVISORIES

MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil
(bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a
ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural
gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of
oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1)
barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of
1 bbl:6 Mcf is based in an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. In addition, given that the value ratio based on the current price
of oil as compared with natural gas is significantly different from the energy
equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a
Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of
value.

Short Term Results. References in this press release to peak rates, production
rates since inception, current production rates, initial 30-day productions
rates and other short-term production rates are useful in confirming the
presence of hydrocarbons, however such rates are not determinative of the
rates at which such wells will commence production and decline thereafter and
are not indicative of long-term performance or of ultimate recovery. While
encouraging, readers are cautioned not to place reliance on such rates in
calculating the aggregate production of Southern. The Company cautions that
such results should be considered to be preliminary.

Unit Cost Calculation. For the purpose of calculating unit costs, natural gas
volumes have been converted to a boe using six thousand cubic feet equal to
one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based
upon an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. This
conversion conforms with NI 51-101. Boe may be misleading, particularly if
used in isolation.

Product Types. Throughout this press release, "crude oil" or "oil" refers to
light and medium crude oil product types as defined by NI 51-101. References
to "NGLs" throughout this press release comprise pentane, butane, propane, and
ethane, being all NGLs as defined by NI 51-101. References to "natural gas"
throughout this press release refers to conventional natural gas as defined by
NI 51-101.

Abbreviations. Please see below for a list of abbreviations used in this press
release.

1P                           total proved

2P                           proved plus probable

bbl                          barrels

bbl/d                      barrels per day
bcf/d                    billion cubic feet per day

boe                         barrels of oil

boe/d                     barrels of oil per day

Mcf                         thousand cubic feet

Mcf/d                     thousand cubic feet per day

MMcf                     million cubic feet

MMcf/d                 million cubic feet per day

Mcfe                       thousand cubic feet
equivalent

Mcfe/d                   thousand cubic feet equivalent per
day

MMboe                 million barrels of oil

MMBtu                  million British thermal units

MMBtu/d              million British thermal units per day

NI 51-101              National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities

NYMEX                   New York Mercantile Exchange

PDP                        proved developed producing

Forward Looking Statements. Certain information included in this press release
constitutes forward-looking information under applicable securities
legislation. Forward-looking information typically contains statements with
words such as "anticipate", "believe", "expect", "plan", "intend", "estimate",
"propose", "project", "continue", "evaluate", "forecast", "may", "will",
"can", "target" "potential", "result", "could", "should" or similar words
suggesting future outcomes or statements regarding an outlook (including
negatives and variations thereof). Forward-looking information in this press
release may include, but is not limited to statements concerning the Company's
asset base including the development of the Company's assets, positioning, oil
and natural gas production levels, the Company's anticipated operational
results, Southern's growth strategy and the expectation that it will continue
to enhance shareholder value, Southern's expectation that improved regional
pricing and a strengthened financial foundation will support execution of its
capital program and long-term value creation, forecasted natural gas pricing,
Southern's ability to re-initiate growth in deploying the net proceeds from
the equity financing on capital expenditures, drilling and completion plans,
expectations regarding commodity prices and service costs, expectations
regarding the performance characteristics of the Company's oil and natural gas
properties, the Company's hedging strategy and execution thereof (including
its intention to continue monitoring commodity prices and basis differentials
and to hedge additional volumes as deemed appropriate), the ability of the
Company to achieve drilling success consistent with management's expectations,
the Company's expectations regarding completion of the two remaining DUCs and
the drilling operations in the Mechanicsburg and Greens Creek fields
(including the timing thereof and anticipated costs and funding as well as the
evaluation of well performance and regional natural gas pricing to inform such
decisions), the Company's expectations regarding the resolution of regulatory
disputes (including the anticipated timing thereof) and impact of FERC rate
determinations on shut-in production volumes, the expected contribution of the
GH LSC 13-13 #2 well to Q3 2025 cash flow, the Company's ability to realize
sustained pricing premiums due to its strategic location in the Southeast
U.S., the effect of market conditions on the Company's performance and
expectations regarding the use of proceeds from all sources including the
senior term loan. Statements relating to "reserves" and "recovery" are also
deemed to be forward-looking statements, as they involve the implied
assessment, based on certain estimates and assumptions, that the reserves
described exist in the quantities predicted or estimated and that the reserves
can be profitably produced in the future.

The forward-looking statements contained in this press release are based on
certain key expectations and assumptions made by Southern, including, but not
limited to, the timing of and success of future drilling, development and
completion activities, the performance of existing wells, the performance of
new wells, the availability and performance of drilling rigs, facilities and
pipelines, the geological characteristics of Southern's properties, the
characteristics of the Company's assets, the Company's ability to comply with
ongoing obligations under the senior term loan and other sources of financing,
the successful application of drilling, completion and seismic technology, the
benefits of current commodity pricing hedging arrangements, Southern's ability
to enter into future derivative contracts on acceptable terms, Southern's
ability to secure financing on acceptable terms, prevailing weather
conditions, prevailing legislation, as well as regulatory and licensing
requirements, affecting the oil and gas industry, the Company's ability to
obtain all requisite permits and licences, prevailing commodity prices, price
volatility, price differentials and the actual prices received for the
Company's products, royalty regimes and exchange rates, the impact of
inflation on costs, the application of regulatory and licensing requirements,
the Company's ability to obtain all requisite permits and licences, the
availability of capital, labour and services, the creditworthiness of industry
partners, the Company's ability to source and complete asset acquisitions, and
the Company's ability to execute its plans and strategies.

Although Southern believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Southern can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the oil and gas
industry in general (e.g., operational risks in development, exploration and
production, the uncertainty of reserve estimates, the uncertainty of estimates
and projections relating to production, costs and expenses, regulatory risks,
and health, safety and environmental risks), constraint in the availability of
labour, supplies, or services, the impact of pandemics, commodity price and
exchange rate fluctuations, geo-political risks, political and economic
instability, the imposition or expansion of tariffs imposed by domestic and
foreign governments or the imposition of other restrictive trade measures,
retaliatory or countermeasures implemented by such governments, including the
introduction of regulatory barriers to trade and the potential effect on the
demand and/or market price for the Company's products and/or otherwise
adversely affects the Company, wars (including the Russo-Ukrainian war and the
Israel-Hamas conflict), hostilities, civil insurrections, inflationary risks
including potential increases to operating and capital costs, changes in
legislation impacting the oil and gas industry, including but not limited to
tax laws, royalties and environmental regulations (including greenhouse gas
emission reduction requirements and other decarbonization or social policies
and including uncertainty with respect to the interpretation of omnibus Bill

C-59 and the related amendments to the Competition Act (Canada)), the
Company's ability to meet its financial obligations and covenants, adverse
weather or break-up conditions, and uncertainties resulting from potential
delays or changes in plans with respect to exploration or development projects
or capital expenditures. These and other risks are set out in more detail in
Southern's latest Management Discussion and Analysis for the period ended June
30, 2025 and the Company's annual information form for the year ended December
31, 2024, which are available on the Company's website at
www.southernenergycorp.com and filed under the Company's profile on SEDAR+ at
www.sedarplus.ca.

The forward-looking information contained in this press release is made as of
the date hereof and Southern undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, unless required by applicable
securities laws. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.

Future Oriented Financial Information. This press release contains
future-oriented financial information and financial outlook information
(collectively, "FOFI") about Southern's capital expenditures, general and
administrative expenses, hedging, natural gas pricing and prospective results
of operations and production, all of which are subject to the same
assumptions, risk factors, limitations, and qualifications as set forth in the
above paragraphs. FOFI contained in this document was approved by management
as of the date of this document and was provided for the purpose of providing
further information about Southern's future business operations. Southern and
its management believe that FOFI has been prepared on a reasonable basis,
reflecting management's best estimates and judgments, and represent, to the
best of management's knowledge and opinion, the Company's expected course of
action. However, because this information is highly subjective, it should not
be relied on as necessarily indicative of future results. Southern disclaims
any intention or obligation to update or revise any FOFI contained in this
document, whether as a result of new information, future events or otherwise,
unless required pursuant to applicable law. Readers are cautioned that the
FOFI contained in this document should not be used for purposes other than for
which it is disclosed herein. Changes in forecast commodity prices,
differences in the timing of capital expenditures, and variances in average
production estimates can have a significant impact on the key performance
measures included in Southern's guidance. The Company's actual results may
differ materially from these estimates.

Specified Financial Measures. This press release provides various financial
measures that do not have a standardized meaning prescribed by International
Financial Reporting Standards ("IFRS"), including non-IFRS financial measures,
non-IFRS financial ratios and capital management measures. These specified
financial measures may not be comparable to similar measures presented by
other issuers. Southern's method of calculating these measures may differ from
other companies and accordingly, they may not be comparable to measures used
by other companies. Adjusted Funds Flow from Operations, adjusted working
capital and net debt are not recognized measures under IFRS. Readers are
cautioned that these specified financial measures should not be construed as
alternatives to other measures of financial performance calculated in
accordance with IFRS. These specified financial measures provide additional
information that management believes is meaningful in describing the Company's
operational performance, liquidity and capacity to fund capital expenditures
and other activities. Please see below for a brief overview of all specified
financial measures used in this release and refer to the Company's MD&A
for additional information relating to specified financial measures, which is
available on the Company's website at www.southernenergycorp.com and filed
under the Company's profile on SEDAR+ at www.sedarplus.ca.

"Adjusted Funds Flow from Operations" (non-IFRS financial measure) is
calculated based on cash flow from operative activities before changes in
non-cash working capital and cash decommissioning expenditures. Management
uses adjusted funds flow from operations as a key measure to assess the
ability of the Company to finance operating activities, capital expenditures
and debt repayments.

"Adjusted Funds Flow from Operations per Share" (non-IFRS financial measure)
is calculated by dividing Adjusted Funds Flow from Operations by the number of
Southern shares issued and outstanding.

"Net Debt" (capital management measure) is monitored by management, along with
adjusted working capital, as part of its capital structure in order to fund
current operations and future growth of the Company. Net debt is defined as
long-term debt plus adjusted working capital surplus or deficit. Adjusted
working capital is calculated as current assets less current liabilities,
removing current derivative assets/liabilities, the current portion of bank
debt, the warrant liability, and the current portion of lease liabilities.

 Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

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