Reported Earnings • Apr 30
Full year 2025 earnings released: US$0.03 loss per share (vs US$0.069 loss in FY 2024) Full year 2025 results: US$0.03 loss per share (improved from US$0.069 loss in FY 2024). Revenue: US$14.4m (up 12% from FY 2024). Net loss: US$7.51m (loss narrowed 35% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. New Risk • Apr 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$27.5m market cap, or US$19.7m). New Risk • Mar 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 18% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 39% per year over the past 5 years. Shareholders have been substantially diluted in the past year (119% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Market cap is less than US$100m (CA$29.3m market cap, or US$21.6m). Announcement • Feb 13
Southern Energy Corp. announced that it has received CAD 23.11948 million in funding On February 12, 2026, Southern Energy Corp. closed the transaction. The company raised through the issuance of (i) 17,000 7% Senior Secured Convertible Debentures at a price per Debenture of CAD 1,236.44 for gross proceeds of CAD 21,019,480 and (ii) 30,000,000 Common Shares of the company at a price per share of CAD 0.07 for gross proceeds o CAD 2,100,000, and for aggregate gross proceeds of CAD 23,119,480. On closing, the Company obtained the payout and discharge of all related security granted in connection with the prior facility. The Debentures and Shares, including the Shares issuable upon conversion or interest payment of the Debenture, are subject to a four month and one day hold period under applicable securities laws in Canada and the rules and policies of the TSXV. No finder's fees or commissions were paid in connection of the transaction. Announcement • Feb 09
Southern Energy Corp. announced that it expects to receive CAD 17.6881 million in funding Southern Energy Corp. has entered into an agreement of non-brokered private placement of senior secured convertible debentures of 17,000 of US$911.76 per debenture for gross proceeds of US$17.0 million for principal of CAD 15.59 at discount of 8.8235% original issue discount equivalent to US$1.5 million on the Debentures. and common shares of 30,000,000 for CAD 0.07 per share for gross proceeds of CAD 2.1000000 which is the total of 17.6881 on February 9,2026.The Debentures bear interest at 7% per annum on the outstanding principal amount of US$17.0 million, payable quarterly in arrears.The Debentures will be convertible at the Investor's option into Shares at a price of CAD$0.10 per Share, being a ratio of 13,700 Shares per US$1,000 principal amount of the convertible portion of the Debentures. The Debentures will mature on December 31, 2028. The principal amount attributed to the OID, being US$1.5 million, will be repaid in cash. The Investor may not convert the Debentures or receive interest in Shares if doing so would cause the Investors' ownership to exceed 19.99 percent of the outstanding Shares without prior TSX Venture Exchange clearance and shareholder approval. The Debentures will be redeemed for principal and accrued interest, though the Investor may convert prior to the closing of any such transaction. The Company has applied to have the Shares (including the Shares issuable upon conversion or interest payment of the Debenture) listed on the TSXV and admitted to trading on the AIM market of the London Stock Exchange. The Debentures will not be listed on any exchange. The transaction is expected to close on or about February 12, 2026. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: US$0.001 (vs US$0.012 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.001 (up from US$0.012 loss in 3Q 2024). Revenue: US$3.46m (up 31% from 3Q 2024). Net income: US$462.0k (up US$2.52m from 3Q 2024). Profit margin: 13% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has fallen by 60% per year, which means it is performing significantly worse than earnings. Announcement • Oct 28
Southern Energy Corp. Announces Board Changes Southern Energy Corp. announced that Former directors Tamara MacDonald and C. Neil Smith did not stand for re-election and have accordingly retired from the Board. The Company's Board and management team would like to sincerely thank Ms. MacDonald and Mr. Smith for their leadership, valuable contributions and dedicated service to Southern over their respective tenures. Announcement • Aug 20
Southern Energy Corp., Annual General Meeting, Oct 27, 2025 Southern Energy Corp., Annual General Meeting, Oct 27, 2025. New Risk • Aug 19
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$880k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$880k free cash flow). Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Minor Risk Market cap is less than US$100m (CA$20.2m market cap, or US$14.6m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: US$0.001 loss per share (vs US$0.016 loss in 2Q 2024) Second quarter 2025 results: US$0.001 loss per share (improved from US$0.016 loss in 2Q 2024). Revenue: US$3.18m (up 8.4% from 2Q 2024). Net loss: US$411.0k (loss narrowed 84% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 6 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 30
Price target decreased by 10% to CA$0.18 Down from CA$0.20, the current price target is provided by 1 analyst. New target price is 200% above last closing price of CA$0.06. Stock is down 68% over the past year. The company is forecast to post a net loss per share of US$0.01 next year compared to a net loss per share of US$0.069 last year. Reported Earnings • May 28
First quarter 2025 earnings released: US$0.02 loss per share (vs US$0.019 loss in 1Q 2024) First quarter 2025 results: US$0.02 loss per share (further deteriorated from US$0.019 loss in 1Q 2024). Revenue: US$4.09m (up 11% from 1Q 2024). Net loss: US$3.88m (loss widened 24% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Announcement • May 16
Southern Energy Corp. Provides Operations Update Southern Energy Corp. continues to progress its plans to complete its first Gwinvilledrilled and uncompleted (‘DUC’) welland has finalized procuring key services. Field operations are scheduled to commence on the 13-13 #2 Lower Selma Chalk horizontal well in the next few weeks, and Southern expects first production from the well during June 2025. This will be the Company's first of three planned DUC completions at Gwinville. Unrelated to Southern's current growth plans at Gwinville, Southern is involved in an ongoing dispute in which it is bringing a claim regarding what it believes are excessive transportation fees being charged by a third party midstream company associated with the Mechanicsburg and Green's Creek fields. On April 29, 2025, Southern receive confirmation that the pipelines subject to the dispute are regulated by the Federal Energy Regulatory Commission (‘FERC’). The third party made its initial response filing to the regulator which includes setting maximum allowable transportation rates, subject to FERC review and approval. Southern will work closely with FERC staff to expedite the rate determination process and, in parallel, will continue to engage with the pipeline operator to pursue an agreement on an equitable fee structure. In the interim, Southern has elected to voluntarily shut-in approximately 400 boepd of production from the Mechanicsburg and Greens Creek Fields to avoid increasing the quantum of disputed fees. This accounts for approximately 20% of Southern's production on a volumetric basis, but only approximately 10% of the Company's operating income from First Quarter 2025. This will not impact the rest of Southern's operations or the proposed DUC completions in Gwinville. New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (102% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$7.8m net loss next year). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$21.8m market cap, or US$15.8m). New Risk • May 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 102% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (102% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$8.4m net loss next year). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (CA$20.2m market cap, or US$14.6m). Announcement • Apr 08
Southern Energy Corp. has completed a Composite Units Offering in the amount of CAD 7.4375 million. Southern Energy Corp. has completed a Composite Units Offering in the amount of CAD 7.4375 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 102,482,673
Price\Range: CAD 0.07
Discount Per Security: CAD 0.0042 New Risk • Mar 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.9m (US$9.66m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$13.9m market cap, or US$9.66m). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$8.4m net loss next year). Share price has been volatile over the past 3 months (15% average weekly change). New Risk • Dec 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (US$8.4m net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Market cap is less than US$100m (CA$20.0m market cap, or US$14.0m). Buy Or Sell Opportunity • Dec 07
Now 12% overvalued Over the last 90 days, the stock has fallen 43% to CA$0.08. The fair value is estimated to be CA$0.071, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.2% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 18% in a year. Earnings are forecast to grow by 82% in the next year. New Risk • Dec 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.9m (US$9.81m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (CA$13.9m market cap, or US$9.81m). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$8.4m net loss next year). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Reported Earnings • Dec 01
Third quarter 2024 earnings released: US$0.01 loss per share (vs US$0.017 loss in 3Q 2023) Third quarter 2024 results: US$0.01 loss per share (improved from US$0.017 loss in 3Q 2023). Revenue: US$2.80m (down 30% from 3Q 2023). Net loss: US$2.06m (loss narrowed 13% from 3Q 2023). Revenue is forecast to grow 59% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 11
Price target decreased by 9.1% to CA$0.25 Down from CA$0.28, the current price target is an average from 2 analysts. New target price is 150% above last closing price of CA$0.10. Stock is down 62% over the past year. The company is forecast to post a net loss per share of US$0.052 next year compared to a net loss per share of US$0.33 last year. Price Target Changed • Oct 17
Price target decreased by 9.1% to CA$0.25 Down from CA$0.28, the current price target is an average from 2 analysts. New target price is 79% above last closing price of CA$0.14. Stock is down 59% over the past year. The company is forecast to post a net loss per share of US$0.052 next year compared to a net loss per share of US$0.33 last year. Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Joe Nally was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 21
Second quarter 2024 earnings released: US$0.02 loss per share (vs US$0.027 loss in 2Q 2023) Second quarter 2024 results: US$0.02 loss per share (improved from US$0.027 loss in 2Q 2023). Revenue: US$3.10m (up 6.0% from 2Q 2023). Net loss: US$2.62m (loss narrowed 30% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (CA$26.8m market cap, or US$19.5m). Reported Earnings • May 29
First quarter 2024 earnings released: US$0.02 loss per share (vs US$0.008 loss in 1Q 2023) First quarter 2024 results: US$0.02 loss per share (further deteriorated from US$0.008 loss in 1Q 2023). Revenue: US$3.85m (down 6.8% from 1Q 2023). Net loss: US$3.12m (loss widened 179% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. New Risk • Apr 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$5.5m Forecast net loss in 1 year: US$5.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (US$5.1m net loss next year). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (CA$29.1m market cap, or US$21.1m). Announcement • Apr 12
Southern Energy Corp., Annual General Meeting, Jun 20, 2024 Southern Energy Corp., Annual General Meeting, Jun 20, 2024. Price Target Changed • Mar 08
Price target decreased by 74% to CA$0.30 Down from CA$1.15, the current price target is provided by 1 analyst. New target price is 88% above last closing price of CA$0.16. Stock is down 69% over the past year. The company is forecast to post a net loss per share of US$0.02 compared to earnings per share of US$0.086 last year. Major Estimate Revision • Jan 16
Consensus revenue estimates decrease by 76%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$73.5m to US$17.6m. EPS estimate increased from -US$0.06 to -US$0.051 per share. Oil and Gas industry in Canada expected to see average net income decline 2.0% next year. Consensus price target of CA$1.18 unchanged from last update. Share price fell 6.4% to CA$0.22 over the past week. Announcement • Jan 16
Southern Energy Corp. Announces Preliminary Results from Its Recent Upper Selma Chalk Horizontal Well Completion in the Gwinville Field Southern Energy Corp. announced the preliminary results from its recent Upper Selma Chalk horizontal well completion in the Gwinville Field. In mid-December 2023, Southern successfully completed the first of its four drilled but uncom completed ("DUC") wells from the Company's First Quarter 2023 drilling program - the GH 14-06 #3 wellbore. Over the first 20 days of production, natural gas rates from the well exceeded 6.5 MMcf/d and averaged 5.3 MMcf/d under restricted flowing conditions as the well cleans up, recovering approximately 33% of load fluid to-date with gas produced flowing directly to Company owned facilities with all volumes sold. Southern implemented a number of stimulation design changes for this latest Upper Selma Chalk horizontal completion that improved the predictability and efficiency of the fracture operation and, more importantly, reduced the overall completion cost down to USD 2.1 million, well below budget estimates. Costs for this completion operation are approximately 40% lower than the two previous 18-10 pad Upper Selma Chalk wells that were completed earlier in 2023. Company 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. Product Types. Throughout this press release, "crude oil" or "oil" refers to light and medium crude oil product types as defined by National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("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 in this press release to peak rates, IP30 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. Price Target Changed • Jan 15
Price target increased by 57% to CA$2.00 Up from CA$1.28, the current price target is provided by 1 analyst. New target price is 809% above last closing price of CA$0.22. Stock is down 71% over the past year. The company is forecast to post a net loss per share of US$0.06 compared to earnings per share of US$0.086 last year. Reported Earnings • Dec 01
Third quarter 2023 earnings released: US$0.02 loss per share (vs US$0.049 profit in 3Q 2022) Third quarter 2023 results: US$0.02 loss per share (down from US$0.049 profit in 3Q 2022). Revenue: US$4.24m (down 70% from 3Q 2022). Net loss: US$2.37m (down 136% from profit in 3Q 2022). Revenue is forecast to grow 57% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 29
Southern Energy Corp. Announces Retirement of Andrew Mccreath from Board of Directors Southern Energy Corp. announced that Mr. Andrew McCreath has retired from the Company's board of directors effective to focus on other commitments. The board and management team wish to express their gratitude to Mr. McCreath for his contributions during his 5 years of service. The Company does not have any immediate plans to appoint a replacement Non-Executive Director following Mr. McCreath's departure, though will keep this position under review. Announcement • Nov 10
Southern Energy Corp. has completed a Follow-on Equity Offering in the amount of CAD 6.9238 million. Southern Energy Corp. has completed a Follow-on Equity Offering in the amount of CAD 6.9238 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 26,630,000
Price\Range: CAD 0.26
Discount Per Security: CAD 0.0156 New Risk • Nov 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (61% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (CA$44.7m market cap, or US$32.7m). Announcement • Nov 02
Southern Energy Corp. has filed a Follow-on Equity Offering in the amount of CAD 6.9355 million. Southern Energy Corp. has filed a Follow-on Equity Offering in the amount of CAD 6.9355 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 26,675,000
Price\Range: CAD 0.26
Discount Per Security: CAD 0.0156 Major Estimate Revision • Aug 25
Consensus EPS estimates fall by 97% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$17.8m to US$16.0m. Losses expected to increase from US$0.028 per share to US$0.055. Oil and Gas industry in Canada expected to see average net income decline 12% next year. Consensus price target of CA$1.25 unchanged from last update. Share price fell 6.8% to CA$0.34 over the past week. Reported Earnings • Aug 20
Second quarter 2023 earnings released: US$0.027 loss per share (vs US$0.034 profit in 2Q 2022) Second quarter 2023 results: US$0.027 loss per share (down from US$0.034 profit in 2Q 2022). Revenue: US$2.93m (down 62% from 2Q 2022). Net loss: US$3.77m (down 233% from profit in 2Q 2022). Revenue is forecast to grow 70% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 12
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$18.6m to US$18.1m. Losses expected to increase from US$0.014 per share to US$0.017. Oil and Gas industry in Canada expected to see average net income decline 22% next year. Consensus price target of CA$1.28 unchanged from last update. Share price was steady at CA$0.40 over the past week. Announcement • Jun 17
Southern Energy Corp. Approves Director Resignations Southern Energy Corp. announced that at the annual general and special meeting (the "Annual Meeting") held on June 15, 2023 Mr. Michael Kohut and Mr. Paul Baay, who both decided not to stand for re-election at the Annual Meeting, have retired from the Company's board of directors. Major Estimate Revision • Jun 10
Consensus EPS estimates fall by 57%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$17.6m to US$18.5m. EPS estimate fell from US$0.102 to US$0.044 per share. Net income forecast to shrink 60% next year vs 18% decline forecast for Oil and Gas industry in Canada. Consensus price target of CA$1.78 unchanged from last update. Share price rose 18% to CA$0.43 over the past week. Announcement • Jun 07
Southern Energy Corp. (TSXV:SOU) acquired remaining interest in Gwinville Field from PetroTx Energy LLC. Southern Energy Corp. (TSXV:SOU) has entered into a definitive agreement to acquire remaining interest in Gwinville Field from PetroTx Energy LLC for $3.2 million on May 23, 2023. The cash consideration payable under the Transaction of $3.2 million will be funded through existing capacity from the senior secured term loan. The effective date and proposed closing date of the Transaction is June 1, 2023. The Transaction is highly accretive to Southern from an operating and financial perspective. Hannam & Partners acting as financial advisor to the Southern Energy Corp. in relation to the Transaction.Southern Energy Corp. (TSXV:SOU) acquired remaining interest in Gwinville Field from PetroTx Energy LLC on June 6, 2023. James Spinney and James Bellman of Strand Hanson acted as financial advisors to Southern Energy Corp. in the transaction. Major Estimate Revision • Jun 02
Consensus EPS estimates increase by 32% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$0.032 to US$0.043. Revenue forecast unchanged at US$17.3m. Net income forecast to shrink 122% next year vs 18% decline forecast for Oil and Gas industry in Canada. Consensus price target of CA$1.78 unchanged from last update. Share price fell 6.6% to CA$0.35 over the past week. Major Estimate Revision • May 26
Consensus EPS estimates increase from loss to US$0.032 profit The consensus outlook for fiscal year 2023 has been updated. Forecast profits in 2023 with EPS up from -US$0.015 to US$0.032 per share. Revenue forecast unchanged from last update at US$17.3m. Oil and Gas industry in Canada expected to see average net income decline 18% next year. Consensus price target of CA$1.78 unchanged from last update. Share price rose 15% to CA$0.38 over the past week. Announcement • May 24
Southern Energy Corp. (TSXV:SOU) has entered into a definitive agreement to acquire remaining interest in Gwinville Field from PetroTx Energy LLC for $3.2 million. Southern Energy Corp. (TSXV:SOU) has entered into a definitive agreement to acquire remaining interest in Gwinville Field from PetroTx Energy LLC for $3.2 million on May 23, 2023. The cash consideration payable under the Transaction of $3.2 million will be funded through existing capacity from the senior secured term loan. The effective date and proposed closing date of the Transaction is June 1, 2023. The Transaction is highly accretive to Southern from an operating and financial perspective. Hannam & Partners acting as financial advisor to the Southern Energy Corp. in relation to the Transaction. Price Target Changed • May 10
Price target decreased by 26% to CA$1.93 Down from CA$2.63, the current price target is an average from 3 analysts. New target price is 578% above last closing price of CA$0.28. Stock is down 71% over the past year. The company is forecast to post a net loss per share of US$0.015 compared to earnings per share of US$0.086 last year. Board Change • Apr 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. Independent Non-Executive Director Joe Nally was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 19
Full year 2022 earnings released: EPS: US$0.09 (vs US$0.24 in FY 2021) Full year 2022 results: EPS: US$0.09 (down from US$0.24 in FY 2021). Revenue: US$35.5m (up 123% from FY 2021). Net income: US$9.30m (down 7.9% from FY 2021). Profit margin: 26% (down from 64% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 02
Price target decreased by 15% to CA$1.92 Down from CA$2.27, the current price target is an average from 4 analysts. New target price is 508% above last closing price of CA$0.32. Stock is down 48% over the past year. The company is forecast to post earnings per share of US$0.052 for next year compared to US$0.24 last year. Major Estimate Revision • Mar 30
Consensus EPS estimates fall by 71%, revenue upgraded The consensus outlook for fiscal year 2022 has been updated. 2022 revenue forecast increased from US$42.0m to US$43.2m. EPS estimate fell from US$0.178 to US$0.052 per share. Net income forecast to grow 147% next year vs 23% decline forecast for Oil and Gas industry in Canada. Consensus price target up from CA$2.27 to CA$2.35. Share price was steady at CA$0.31 over the past week. Major Estimate Revision • Jan 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from US$0.18 to US$0.23. Revenue forecast steady at US$42.6m. Net income forecast to grow 178% next year vs 2.7% growth forecast for Oil and Gas industry in Canada. Consensus price target of CA$2.33 unchanged from last update. Share price rose 6.8% to CA$0.79 over the past week. Major Estimate Revision • Nov 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.28 to US$0.18 per share. Revenue forecast steady at US$42.6m. Net income forecast to grow 200% next year vs 4.3% growth forecast for Oil and Gas industry in Canada. Consensus price target down from CA$2.40 to CA$2.33. Share price rose 4.3% to CA$0.97 over the past week. Reported Earnings • Nov 25
Third quarter 2022 earnings released: EPS: US$0.049 (vs US$0.096 in 3Q 2021) Third quarter 2022 results: EPS: US$0.049. Revenue: US$14.1m (up 268% from 3Q 2021). Net income: US$6.57m (up 52% from 3Q 2021). Profit margin: 47% (down from 113% in 3Q 2021). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in Canada. Price Target Changed • Nov 23
Price target decreased to CA$2.33 Down from CA$2.58, the current price target is an average from 3 analysts. New target price is 135% above last closing price of CA$0.99. Stock is up 125% over the past year. The company is forecast to post earnings per share of US$0.27 for next year compared to US$0.24 last year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to CA$1.10, the stock trades at a trailing P/E ratio of 13.2x. Average forward P/E is 6x in the Oil and Gas industry in Canada. Total returns to shareholders of 175% over the past three years. Reported Earnings • Aug 25
Second quarter 2022 earnings released: EPS: US$0.034 (vs US$0.079 in 2Q 2021) Second quarter 2022 results: EPS: US$0.034 (down from US$0.079 in 2Q 2021). Revenue: US$7.69m (up 179% from 2Q 2021). Net income: US$2.84m (down 8.4% from 2Q 2021). Profit margin: 37% (down from 112% in 2Q 2021). The decrease in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 290%, compared to a 71% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Announcement • Aug 24
Southern Energy Corp. Appoints Paul Baay as Non-Executive Director Southern Energy Corp. confirmed that, further to the announcement of June 16, 2022, Paul Baay has been appointed as a Non-Executive Director of the Company. The information regarding Paul Baay required to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Company is set out below: Current Directorships/Partnerships: Alberta Foundation for the Arts; Calvalley Petroleum (Cyprus) Ltd; Carnegies Institution of Canada; National Gallery of Canada; Octavia Energy Corporation Limited; and Touchstone Exploration Inc. Past Directorships/Partnerships within last 5 years: AlkaLi3 Resources Inc; Council for Canadian American Relations; Junior Achievement of Southern Alberta; and Loop Insights Inc. Price Target Changed • Aug 23
Price target increased to CA$2.63 Up from CA$2.35, the current price target is an average from 3 analysts. New target price is 176% above last closing price of CA$0.95. Stock is up 138% over the past year. The company posted earnings per share of US$0.24 last year. Announcement • Aug 23
Southern Energy Corp. Announcesthe Promotion of Mr. Gary Mcmurren, to the Role of Chief Operating Officer Southern Energy Corp. announced the promotion of Mr. Gary McMurren, VP Engineering, to the role of Chief Operating Officer. Mr. McMurren has over 22 years of engineering, operational and management experience in the oil and gas industry and was a co-founder and VP Engineering of Gulf Pine Energy Partners. Mr. McMurren was formerly the Director of Light Oil at Athabasca Oil Corp. Prior thereto, he has held senior engineering positions at Galleon Energy Inc., ARC Resources Ltd., and Talisman Energy Inc. He holds a Bachelor of Science in Chemical Engineering Degree and a Professional Engineer designation. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 25% share price gain to CA$1.01, the stock trades at a trailing P/E ratio of 11.9x. Average forward P/E is 6x in the Oil and Gas industry in Canada. Total returns to shareholders of 153% over the past three years. Recent Insider Transactions • Jul 29
Independent Director recently bought CA$107k worth of stock On the 26th of July, Reginald Smith bought around 125k shares on-market at roughly CA$0.86 per share. In the last 3 months, there was an even bigger purchase from another insider worth CA$125k. Insiders have collectively bought CA$1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 13
Independent Director recently bought CA$125k worth of stock On the 7th of July, Andrew McCreath bought around 144k shares on-market at roughly CA$0.87 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$977k more in shares than they have sold in the last 12 months. Announcement • Jul 08
Southern Energy Corp. has completed a Follow-on Equity Offering in the amount of CAD 22.6722 million. Southern Energy Corp. has completed a Follow-on Equity Offering in the amount of CAD 22.6722 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 26,060,000
Price\Range: CAD 0.87
Discount Per Security: CAD 0.0522
Transaction Features: Rule 144A Announcement • Jun 29
Southern Energy Corp. has completed a Follow-on Equity Offering in the amount of £17.671376 million. Southern Energy Corp. has completed a Follow-on Equity Offering in the amount of £17.671376 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 20,311,927
Price\Range: £0.87
Transaction Features: Regulation S; Rule 144A; Subsequent Direct Listing Recent Insider Transactions • Jun 21
Insider recently bought CA$113k worth of stock On the 16th of June, Dean Swanberg bought around 100k shares on-market at roughly CA$1.13 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$712k more in shares than they have sold in the last 12 months. Announcement • Jun 17
Southern Energy Corp. Announces Directorate Change Southern Energy Corp. announced that Paul Baay has agreed to join the Company's board of directors as a Non-Executive Director, subject to the completion of customary due diligence required in accordance with the AIM Rules for Companies. Mr. Baay previously acted as a special advisor to Southern, and brings over 25 years of experience leading oil and gas exploration and production companies to the Board. All of the nominees listed in the Company's management information circular dated May 2, 2022 (the "Information Circular"), were elected as directors of the Company until the next annual meeting of shareholders or until their successors are elected or appointed. Mr. Baay has over 30 years of experience leading energy companies and is currently the President and Chief Executive Officer of Touchstone Exploration Inc., which he established in July 2010. Prior thereto, Mr. Baay was Managing Director of Abacus Energy, part of Abacus Private Equity from 2007 through 2010 and was a Senior Officer of True Energy Inc. from 2000 through 2007. From 2005 to 2012 he was the Chair of the Board of Directors of Vero Energy Inc. From 1998 to 2000 he was the Chair of the Board of Directors of Request Seismic Surveys Ltd. and served as President, Chief Executive Officer, and Director of Remington Energy Ltd. from 1991 to 1999. Mr. Baay is a Director of the Board of Directors of Octavia Energy Corporation, Vice Chair of the Board of Directors of the Alberta Foundation for the Arts and is a member of the Board of Trustees of the National Art Gallery of Canada. He is a member of the Institute of Corporate Directors and is a graduate of the University of Western Ontario, with a BA in administrative and commercial studies. Buying Opportunity • Jun 16
Now 21% undervalued Over the last 90 days, the stock is up 121%. The fair value is estimated to be CA$1.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 26% share price gain to CA$1.39, the stock trades at a trailing P/E ratio of 10.6x. Average forward P/E is 10x in the Oil and Gas industry in Canada. Total returns to shareholders of 83% over the past three years. Announcement • Jun 09
Southern Energy Corp. Announces Initial Results from First Gwinville Selma Chalk Horizontal Well Southern Energy Corp. announced successful early flowback results from the first well of the three-well horizontal padsite located in the Gwinville Field. Highlights: Well GH 19-3 #2 is flowing at an initial level of 7.7 MMcf/d (1,280 boe/d), at a highly restricted flowing pressure, exceeding the Company's modeled type curve. Additional volumes from GH 19-3 #2 have increased the Company's production approximately 60% to 3,175 boe/d, materially increasing gas sales as no test volumes are flared. The company remains largely unhedged, resulting in gas from GH 19-3 #2 being sold at current NYMEXgas prices. Initial results indicate that flowback performance using the Generation 3 completion design is far superior to any previous Selma Chalk wells in the area. Flowback results are expected from two recently completed Gwinville wells shortly. Reported Earnings • May 27
First quarter 2022 earnings released: US$0.02 loss per share (vs US$0.023 loss in 1Q 2021) First quarter 2022 results: US$0.02 loss per share. Revenue: US$4.72m (up 65% from 1Q 2021). Net loss: US$1.86m (loss widened 192% from 1Q 2021). Over the next year, revenue is expected to shrink by 6.6% compared to a 89% growth forecast for the industry in Canada. Announcement • May 27
An unknown buyer acquired All of properties in the non-core Smackover cash generating unit of Southern Energy Corp. (TSXV:SOU) for $0.8 million. An unknown buyer acquired All of properties in the non-core Smackover cash generating unit of Southern Energy Corp. (TSXV:SOU) for $0.8 million on February 1, 2022.
An unknown buyer completed the acquisition of All of properties in the non-core Smackover cash generating unit of Southern Energy Corp. (TSXV:SOU) on February 1, 2022. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 16% share price gain to CA$1.08, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 7x in the Oil and Gas industry in Canada. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$1.17 per share. Price Target Changed • Apr 27
Price target increased to CA$2.05 Up from CA$0.37, the current price target is an average from 2 analysts. New target price is 149% above last closing price of CA$0.82. Stock is up 128% over the past year. The company posted earnings per share of US$0.24 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. Non-Executive Director Joe Nally was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
Southern Energy Corp., Annual General Meeting, Jun 15, 2022 Southern Energy Corp., Annual General Meeting, Jun 15, 2022. Announcement • Apr 20
An unknown buyer acquired The Remaining Assets from the Non-core Black Warrior Basin CGU from Southern Energy Corp. (TSXV:SOU) for $0.6 million. An unknown buyer acquired The Remaining Assets from the Non-core Black Warrior Basin CGU from Southern Energy Corp. (TSXV:SOU) for $0.6 million on December 29, 2021.
An unknown buyer completed the acquisition of The Remaining Assets from the Non-core Black Warrior Basin CGU from Southern Energy Corp. (TSXV:SOU) on December 29, 2021. Announcement • Mar 04
Southern Energy Corp. Announces 73% Increase in 2P Reserves at Year End 2021 and Update on Gwinville Drilling Program Southern Energy Corp. announced selected highlights of Southern's year end independent oil and gas reserves evaluation as of December 31, 2021 and provide an update on the Company's three well drilling program at the Gwinville field and a non-core asset cash disposition. The NSAI Report was prepared by Southern's independent qualified reserves evaluator, Netherland, Sewell and Associates Inc. All currency amounts are in United States dollars (unless otherwise stated) and comparisons refer to December 31, 2020. The Company anticipates announcing its fourth quarter and audited year end 2021 financial results and filing an annual information form ("AIF") for the year ended December 31, 2021, in April 2022. The following tables highlight the findings of the NSAI Report, which has been prepared in accordance with definitions, standards and procedures contained in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the most recent publication of the Canadian Oil and Gas Evaluation Handbook ("COGEH"). All evaluations and summaries of future net revenue are stated prior to the provision for interest, debt service charges or general and administrative expenses and after deduction of royalties, operating costs, estimated well abandonment and reclamation costs, and estimated future capital expenditures. The NSAI Report was based on the average forecast pricing of the following four independent external reserves evaluators: GLJ Ltd, Sproule Associates Limited, McDaniel & Associates Consultants Ltd. and Deloitte. Additional reserves information as required under NI51-101 will be included in Southern's AIF, which will be filed on SEDAR in April 2022. The numbers in the tables below may not add due to rounding. Southern's total 2P reserves increased by 73% to 20.2 MMboe resulting in a 2P reserve life index of 30.0 years on projected annual PDP production for 2022. Southern's 2021 recompletion program resulted in an 9% increase in PDP reserves to 5.7 MMboe. Energy Drilling Rig #15 spud the first well on the Gwinville three-well padsite on January 28, 2022. Surface casing has been run on all three wells, and the company currently drilling the third and final intermediate section prior to initiating the horizontal laterals. Southern anticipates that drilling operations will conclude in late March, with completion operations to follow in early April 2022. In First Quarter 2022, Southern entered into a hedge contract through December 31, 2022, on 2,000 MMBtu/d of natural gas production at a fixed price of $4.61/MMBtu. Announcement • Jan 28
Southern Energy Corp. Announces Spudding of Three Well Drilling Program Southern Energy Corp. announced the spudding of its three Selma Chalk horizontal wells in the Gwinville field targeting natural gas. The three wells will be drilled from the same surface pad site and batch drilled for operational and capital efficiencies. Subject to successful completion, first production from the wells is expected in April 2022. Recent Insider Transactions • Jan 22
Independent Director recently bought CA$82k worth of stock On the 18th of January, Reginald Smith bought around 200k shares on-market at roughly CA$0.41 per share. In the last 3 months, there was an even bigger purchase from another insider worth CA$102k. Insiders have collectively bought CA$530k more in shares than they have sold in the last 12 months. Announcement • Dec 11
Southern Energy Corp. Announces an Update with Respect to Drilling and Operations Southern Energy Corp. announced an update with respect to drilling and operations. Southern Energy Operating LLC, an operating subsidiary of Southern, has contracted Energy Drilling Company's Rig #15 for the upcoming drilling program at its Gwinville asset in central Mississippi. Southern has received drilling permits for three horizontal wells targeting natural gas in the Selma Chalk Formation which will be drilled from a single surface pad location. The Rig is expected to move to location in late December 2021 after finishing the well it is currently drilling for another operator. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: CA$0.02 (up from CA$0.013 loss in 3Q 2020). Revenue: CA$5.22m (up 99% from 3Q 2020). Net income: CA$5.55m (up CA$8.51m from 3Q 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 122%, compared to a 60% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Nov 27
Independent Chairman recently bought CA$60k worth of stock On the 24th of November, Bruce Beynon bought around 1m shares on-market at roughly CA$0.05 per share. This was the largest purchase by an insider in the last 3 months. This was Bruce's only on-market trade for the last 12 months. 
