Southern Energy Announces Spudding of Three Well Drilling Program

Source: www.gulfoilandgas.com 1/27/2022, Location: North America

Southern Energy Corp. ("Southern") (TSXV) announces 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.

Ian Atkinson, President and CEO of Southern, commented:

"We are delighted to report that the team has commenced operations on the Gwinville Selma Chalk horizontal well program. These wells will have a short payback and are strategically located in proximity to the Henry Hub terminal which attracts premium regional gas pricing. The Gwinville program is expected to have an immediate positive impact for the Company and provide additional near-term cash flow to the business during a period of strong commodity prices, and we look forward to updating shareholders as the program progresses."

Credit Facility Update

Southern entered into a First Amendment of its US$8.5 million senior secured term loan extending the US$3.0 million Tranche B maturity to April 30, 2022, to further support the Gwinville program. The Company has US$2.5 million available under the Tranche B portion of the credit facility.


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