CALGARY, AB – 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.