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Southern Energy
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April 2024 Corporate Presentation
| Ian Atkinson | Page 17 of 11 |
May 19, 2024
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"April 2024 Corporate Presentation"
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TSXV: SOU, AIM: SOUC, OTCQX: SOUTF www.southernenergycorp.com Mechanicsburg Gwinville Greens Creek • Liquids rich; > 25 bbl/MMcf oil & NGL • Field covered by 53 mi 2 3D seismic • Large gas resource; OGIP > 200 Bcf • 6 PUD infill Cotton Valley locations Southern Energy Asset Base in Mississippi 1) Working interest production capacity estimate at April 1, 2024; Approximately 96% gas 2) Company Gross Reserves, based on a report by Netherland, Sewell and Associates, Inc., estimated at 12/31/23 using average CDN engineering consultants 1/1/24 price forecast 3) Excluding the 2022/2023 Gwinville horizontal wells 16 Mississippi Mechanicsburg Gwinville Williamsburg Magee Mount Olive Williamsburg Southern Field Office Field Location • Multi-zone development upside • Field covered by 48 mi 2 3D seismic • Infill horizontal Selma Chalk locations; OGIP > 1 Tcf • Significant proven City Bank horizontal drilling upside • Infill Hosston drilling opportunities • Cotton Valley potential 270 boe/d 1,625 boe/d 230 boe/d • Field production > 10 MMbbl • High quality oil - 40° API • Vertical Hosston / Cotton Valley locations • High deliverability gas wells • Infill Eutaw drilling opportunities • Infill Hosston/Sligo drilling locations • Recent large oil discoveries on trend • Significant proven Cotton Valley development drilling upside 30 boe/d 460 boe/d 110 boe/d Magee > 38,000 Acres > 98% held by production (HBP) ~ 2,850 boe/d Current Production (1) $119.3 MM 2P PV10 (2) < $7.00/boe All-In Lifting/Processing Cost Greens Creek Mount Olive Base decline ~ 12% (3) All core lands are Held By Production Production gas oil