Southern Energy Completes Equity Financings to Boost Production

Southern Energy Corp., a natural gas producer focused on the U.S., has finalized equity financings totaling US$5.0 million. These funds were raised through a Prospectus Offering and a Placing, issuing over 102 million new units. Each unit equates to one new common share and a purchase warrant, exercisable until April 2028.

The proceeds will aid the completion of three drilled but uncompleted wells on the Gwinville acreage and finance two new wells on the Mechanicsburg site. The company aims to leverage current high U.S. natural gas prices.

CEO Ian Atkinson expressed optimism about the growth potential in a resurging market. The company's strategy includes adding significant production and identifying over 100 further development sites, which could offer considerable returns for shareholders.