SOUTHERN ENERGY CORP. Condensed Interim Consolidated Financial Statements of
SOUTHERN ENERGY CORP.
For the three and six months ended June 30, 2023 and 2022 (unaudited)
(US Dollars)
SOUTHERN ENERGY CORP.
Condensed Interim Consolidated Statement of Financial Position (unaudited)
($000s of US Dollars)
Assets Current assets
Cash and cash equivalents Accounts receivable and other Prepaid expenses and deposits Derivative assets (Note 9)
Property, plant and equipment (Note 3) Right‐of‐use assets
Derivative assets Total assets
Liabilities and Equity
Current liabilities
Accounts payable and accrued liabilities Royalties payable
Current portion of lease liabilities Current portion of long‐term debt Convertible debentures
Long‐term liabilities
Derivative liabilities
Convertible debentures (Note 6)
Long‐term debt (Note 5)
Lease liabilities
Decommissioning provisions
Total liabilities
Shareholders' equity (Note 7) Share capital
Equity component of convertible debenture Warrants
Contributed surplus Deficit
Accumulated other comprehensive income
June 30, | December 31, | ||
2023 | 2022 | ||
$ | 2,249 | $ | 28,350 |
1,708 | 3,739 | ||
1,469 | 5,532 | ||
88 | 17 | ||
5,514 | 37,638 | ||
98,302 | 59,800 | ||
162 | 214 | ||
97 | ‐ | ||
$ | 104,075 | $ | 97,652 |
5,122 | 11,147 | ||
6,259 | 5,073 | ||
103 | 107 | ||
5,247 | 1,106 | ||
3,150 | ‐ | ||
19,881 | 17,433 | ||
67 | ‐ | ||
‐ | 3,041 | ||
11,165 | 3,071 | ||
78 | 126 | ||
9,651 | 6,579 | ||
40,842 | 30,250 | ||
75,566 | 75,271 | ||
245 | 245 | ||
2,092 | 2,154 | ||
5,568 | 5,117 | ||
(19,482) | (14,595) | ||
(756) | (790) | ||
63,233 | 67,402 |
Total liabilities and shareholders' equity | $ | 104,075 | $ | 97,652 |
(See accompanying Notes to the Condensed Interim Consolidated Financial Statements)
2
SOUTHERN ENERGY CORP.
Condensed Interim Consolidated Statement of Earnings (Loss) & Comprehensive Income (Loss) (unaudited)
Three months ended | Six months ended | |||
June 30, | June 30, | |||
($000s of US Dollars, except for per share amounts) | 2023 | 2022 | 2023 | 2022 |
Revenues | ||||
Petroleum and natural gas revenue (Note 11) | $ 3,741 | $ 10,311 | $ 8,930 | $ 16,236 |
Royalties | (649) | (2,100) | (1,709) | (3,301) |
3,092 | 8,211 | 7,221 | 12,935 | |
Expenses | ||||
Production and operating | 1,491 | 1,511 | 2,904 | 2,889 |
Transportation | 296 | 32 | 357 | 71 |
Depletion, depreciation and amortization (Note 3) | 2,367 | 1,227 | 4,703 | 2,277 |
(Gain) loss on derivatives (Note 9) | (112) | 1,208 | (211) | 4,221 |
Gain on dispositions (Note 3) | ‐ | ‐ | ‐ | (398) |
Financing, net (Note 12) | 583 | 412 | 845 | 836 |
General and administrative | 1,713 | 1,070 | 2,663 | 2,007 |
Share‐based compensation (Note 7) | 394 | 38 | 534 | 78 |
Transaction costs | 1 | 58 | 199 | 58 |
Gain (loss) on foreign exchange | 126 | (183) | 114 | (87) |
6,859 | 5,373 | 12,108 | 11,952 | |
Total net (loss) earnings for the period | (3,767) | 2,838 | (4,887) | 983 |
Currency translation adjustment | 51 | (14) | 34 | (8) |
Comprehensive (loss) income for the period | $ | (3,716) | $ | 2,824 | $ | (4,853) | $ | 975 |
Net (loss) earnings per common share (Note 8) | ||||||||
Basic | $ | (0.03) | $ | 0.03 | $ | (0.04) | $ | 0.01 |
Diluted | $ | (0.03) | $ | 0.03 | $ | (0.04) | $ | 0.01 |
(See accompanying Notes to the Condensed Interim Consolidated Financial Statements)
3
SOUTHERN ENERGY CORP.
Condensed Interim Consolidated Statement of Changes in Shareholders' Equity (unaudited)
Equity | ||||||||||||||
Component | Accumulated | |||||||||||||
($000s of US Dollars, except | Common | Shareholders' | of | Other | ||||||||||
Convertible | Contributed | Comprehensive | Shareholders' | |||||||||||
share amounts) | Shares | Capital | Debentures | Warrants | Surplus | Deficit | Income (Loss) | Equity | ||||||
Balance, December 31, 2021 | 78,121,858 | $ | 41,018 | $ | 497 | $ | 2,723 | $ | 4,144 | $(23,894) | $ | (675) | $ | 23,813 |
Shares issued, net | 11,415,000 | 5,149 | (234) | (460) | ‐ | ‐ | ‐ | 4,455 | ||||||
Share‐based compensation | ‐ | ‐ | ‐ | ‐ | 78 | ‐ | ‐ | 78 | ||||||
Net earnings | ‐ | ‐ | ‐ | ‐ | ‐ | 983 | ‐ | 983 | ||||||
Other comprehensive income | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | (8) | (8) | ||||||
Balance, June 30, 2022 | 89,536,858 | $ | 46,167 | $ | 263 | $ | 2,263 | $ | 4,222 | $(22,911) | $ | (683) | $ | 29,321 |
Balance, December 31, 2022 | 138,056,910 | $ | 75,271 | $ | 245 | $ | 2,154 | $ | 5,117 | $(14,595) | $ | (790) | $ | 67,402 |
Shares issued, net (Note 7) | 984,375 | 295 | ‐ | (62) | ‐ | ‐ | ‐ | 233 | ||||||
Share‐based compensation | ‐ | ‐ | ‐ | ‐ | 451 | ‐ | ‐ | 451 | ||||||
Net loss | ‐ | ‐ | ‐ | ‐ | ‐ | (4,887) | ‐ | (4,887) | ||||||
Other comprehensive income | ‐ | ‐ | ‐ | ‐ | ‐ | ‐ | 34 | 34 | ||||||
Balance, June 30, 2023 | 139,041,285 | $ | 75,566 | $ | 245 | $ | 2,092 | $ | 5,568 | $(19,482) | $ | (756) | $ | 63,233 |
(See accompanying Notes to the Condensed Interim Consolidated Financial Statements)
4
SOUTHERN ENERGY CORP.
Condensed Interim Consolidated Statement of Cash Flows (unaudited)
($000s of US Dollars)
Operating activities
Total net (loss) earnings for the period Changes in non‐cash items:
Depletion, depreciation and amortization Gain on dispositions
Financing expense
Unrealized (gain) loss on derivatives Unrealized loss (gain) on foreign exchange Share‐based compensation
Decommissioning provisions liabilities settled (Note 4) Changes in non‐cash working capital
Net cash (used) provided by operating activities
Investing activities
Capital expenditures
Acquisitions
Proceeds from dispositions
Changes in non‐cash working capital
Net cash used by investing activities
Financing activities
Proceeds from share issuances, net
Paydown of long‐term debt (Note 5)
Draw on credit facility (Note 5)
Payment of interest
Finance lease payments
Transaction costs on debt refinance
Changes in non‐cash working capital
Net cash provided by financing activities
Net decrease in cash and cash equivalents Effect of foreign exchange rate changes Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period
Three months ended | Six months ended | ||||
June 30, | June 30, | ||||
2023 | 2022 | 2023 | 2022 | ||
$ | (3,767) | $ | 2,838 | $ (4,887) | $ 983 |
2,367 | 1,227 | 4,685 | 2,277 | ||
‐ | ‐ | ‐ | (398) | ||
605 | 412 | 1,019 | 836 | ||
(89) | (740) | (101) | 2,145 | ||
124 | (185) | 129 | (97) | ||
394 | 38 | 534 | 78 | ||
(8) | (8) | (8) | (23) | ||
200 | (1,666) | 1,919 | (2,296) | ||
(174) | 1,916 | 3,290 | 3,505 | ||
(2,005) | (10,104) | (36,897) | (16,976) | ||
(3,287) | ‐ | (3,287) | ‐ | ||
‐ | ‐ | ‐ | 759 | ||
(13,273) | 2,360 | 22 | 4,488 | ||
(18,565) | (7,744) | (40,162) | (11,729) | ||
7 | 1,697 | 233 | 1,666 | ||
(1,000) | (1,144) | (1,334) | (1,740) | ||
11,500 | 4,000 | 13,500 | 4,000 | ||
(886) | (511) | (1,157) | (639) | ||
(30) | (49) | (65) | (85) | ||
(11) | ‐ | (11) | (3) | ||
(407) | (240) | (405) | (124) | ||
9,173 | 3,753 | 10,761 | 3,075 | ||
(9,566) | (2,075) | (26,111) | (5,149) | ||
4 | (15) | 10 | (8) | ||
11,811 | 6,555 | 28,350 | 9,622 | ||
$ | 2,249 | $ | 4,465 | $ 2,249 | $ 4,465 |
(See accompanying Notes to the Condensed Interim Consolidated Financial Statements)
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Southern Energy Corp. published this content on 18 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2023 06:10:02 UTC.
