CALGARY, AB, July 14, 2021 /CNW/ - Southern Energy
Corp. ("Southern" or the "Company") (TSXV: SOU)
announces that the Company has issued 3,901,775 common shares of
Southern (the "Common Shares") to holders of its 8%
convertible unsecured subordinated debentures issued on
June 14, 2019 and January 15, 2021 (collectively, the
"Debentures") as payment in kind of accrued interest on the
Debentures due on June 30, 2021 in
the aggregate amount of $335,560.00
(the "Interest Payment"). The number of Common Shares issued
is equal to the amount of the interest, divided by the volume
weighted average trading price per Common Share for the 20
consecutive trading days ending on the fifth trading day preceding
June 30, 2021, being $0.086 per Common Share. Southern gave notice to
Computershare Trust Company of Canada, as debenture trustee, effective
June 30, 2021 that it exercised its
right to make the Interest Payment by issuing common shares.
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 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 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. The
forward-looking statements contained in this press release are
based on certain key expectations and assumptions made by Southern.
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, 2020, 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.
