CALGARY, AB, Dec. 31, 2020 /CNW/ - Southern Energy
Corp. ("Southern" or the "Company") (TSXV: SOU)
announces that on December 31, 2020,
the holders (the "Debentureholders") of its outstanding 8%
convertible unsecured subordinated debentures (the
"Debentures") agreed to an in-kind payment of accrued
interest due on December 31, 2020 in
the amount of $322,760.00 through the
issuance of additional Debentures. The in-kind interest payment was
approved by extraordinary resolution of the Debentureholders
pursuant to the Company's debenture indenture with Computershare
Trust Company of Canada dated
June 14, 2019. Other than the in-kind
interest payment in respect of interest due on December 31, 2020, the terms of the Debentures
remain unchanged.
The additional Debentures will have the same terms as the
outstanding Debentures, with interest beginning to accrue on the
additional Debentures on December 31,
2020. The additional Debentures to be issued in satisfaction
of accrued interest owing on the Debentures will be subject to a
four month hold period and are subject to the approval of the TSX
Venture Exchange.
About Southern Energy Corp.
Southern Energy Corp. is an oil and natural gas exploration and
production company. Southern has a primary focus on acquiring and
developing conventional light oil and natural gas resources in the
southeast Gulf States of Mississippi and Alabama. 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
horizontal drilling and multi-staged fracture completion
techniques.
READER ADVISORY
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" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this press release includes, but is
not limited to, statements concerning the issuance of the
additional Debentures and the approval of the TSX Venture Exchange.
The forward-looking statements contained in this press release are
based on certain key expectations and assumptions made by Southern,
including receipt of the required approvals from the TSX Venture
Exchange. 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); continuing negative effects of the COVID-19 pandemic
on general market conditions and commodity prices; the potential
for required COVID-19 preventative measures to delay resumption of
deliveries on the Mechanicsburg gathering system; continuing
destabilizing action from OPEC+ members causing further decline in
oil prices; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks, especially
given public health concerns arising from the COVID-19 pandemic;
constraint in the availability of services; commodity price and
exchange rate fluctuations; changes in legislation impacting the
oil and gas industry; 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. Other risks faced by the Company are set out in more
detail in Southern's Annual Information Form for the year ended
December 31, 2018, which is available
under the Company's SEDAR profile at www.sedar.com. 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.
Neither 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.
SOURCE Southern Energy Corp.
