Southern Energy Corp is a North American energy firm engaged in the acquisition, exploration and development of conventional oil and gas properties to produce crude oil and gas products. The firm was incorporated in July 2008 with a head office in Calgary, Alberta. Southern Energy is a public oil and gas company listed on the Toronto Venture Stock Exchange, where its ordinary shares are traded under the ticker symbol SOU.
The energy producer is also listed and traded on the London Stock Exchange’s AIM market under the stock quote SOUC. The prime focus of the company is to exploit natural gas and light oil properties located in the southeastern states of Louisiana, Mississippi, and eastern Texas.
Southern Energy Corp owns and operates oil and gas assets located within the prolific Mississippi Interior Salt Basin (MISB) in the northeast Gulf Coast Region. The MISB, reportedly, has produced no less than 1.5 billion barrels of oil and 6.5 trillion cubic feet of gas.
The company has the following oil fields based in the basin:
• Mechanicsburg Field – Southern Energy operates the project with a 98.9 per cent working stake in 3,425 production acres. The field accounts for approximately 45 per cent of the company’s total proved and probable oil and gas resources.
• Mount Olive East Field – With a 93.8 per cent working stake, the company is the operator of the Mount Olive East Properties, encompassing a total land area of 1,415 acres. It represents 11 per cent of the company’s total proved and probable resources.
• Gwinville Field – This property holds about 19 per cent of the company’s total proven and probable oil and gas reserves.
• The company also holds some additional MISB fields.
In addition, the company holds minor interests in some properties which are more or less significant for oil production. These properties are located in the following regions:
• The Black Warrior Basin, Alabama
• Northeastern Mississippi
• Southern Alabama
The company aims to build a portfolio of high-margin assets characterized by sufficient oil potential and low-risk drilling to ensure continuous free cash flow. It is focused on disciplined capital deployments and leveraging expertise to further develop and advance its oil and gas fields to create value for shareholders. The company is also engaged with the Mississippi state regulatory system to support in the designing and development of cleaner electricity sources to minimize the environmental footprint.