TIDMSOUC

RNS Number : 0152Z

Southern Energy Corp.

12 September 2022

SOUTHERN ENERGY CORP. ANNOUNCES STOCK OPTION AND RESTRICTED SHARE AWARD GRANT

Calgary, Alberta - September 12, 2022 - Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU) (AIM:SOUC), a U.S.-focused, growth-oriented natural gas producer, announces that pursuant to the Company's Stock Option Plan and Share Award Incentive Plan, an aggregate of 4,000,000 stock options ("Options") to purchase common shares of the Company ("Common Shares") and 2,495,700 restricted share awards ("RSAs") were granted as part of Southern's overall compensation and employee retention program.

The Options expire in five years from the date of the grant and are exercisable at a price of CAD$1.01 per Common Share, being the closing market price on the TSXV on the day prior to this announcement. The Options vest as to one third on the grant date and one third on each of the first and second anniversaries of the grant date. The RSAs vest as to one third on each of the first, second and third anniversaries of the grant date. On the vesting dates of such RSAs, the holder is entitled to receive a cash payment or its equivalent in fully paid Common Shares, at the Company's discretion, equal to the closing market value per Common Share on the TSXV on the business day prior to such payment.

In aggregate, 2,230,000 of the Options and 914,800 of the RSAs were issued to directors and persons discharging managerial responsibilities ("PDMR") of the Company, as set out below:

 
 PDMR                Position                        Options Awarded   RSAs Awarded 
 Ian Atkinson        President and CEO (Director)            550,000        234,400 
                    ------------------------------  ----------------  ------------- 
 Calvin Yau          CFO                                     420,000        220,300 
                    ------------------------------  ----------------  ------------- 
 Gary McMurren       COO                                     420,000        220,300 
                    ------------------------------  ----------------  ------------- 
 Paul Baay           Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Bruce Beynon        Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Michael Kohut       Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Tamara MacDonald    Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Andrew McCreath     Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Joseph Nally        Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Neil Smith          Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 Steven Smith        Non-Executive Director                  105,000         29,975 
                    ------------------------------  ----------------  ------------- 
 

For further information about Southern, please visit our website at www.southernenergycorp.com or contact :

 
 Southern Energy Corp. 
  Ian Atkinson (President and CEO)                  +1 587 287 5401 
  Calvin Yau (CFO)                                  +1 587 287 5402 
                                                  +44 (0) 20 7409 
 Strand Hanson Limited - Nominated & Financial     3494 
  Adviser 
  James Spinney / James Bellman 
                                                   +44 (0) 20 7907 
  Hannam & Partners - Joint Broker                 8500 
  Sam Merlin / Ernest Bell 
 
  Canaccord Genuity - Joint Broker                 +44 (0) 20 7523 
  Henry Fitzgerald-O'Connor / Gerel Bastin         8000 
 
 
   Camarco                                          +44 (0) 20 3757 
   James Crothers, Hugo Liddy, Billy Clegg          4980 
 

About Southern Energy Corp.

Southern Energy Corp. is a natural gas exploration and production company. Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. 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 re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

PDMR NOTIFICATION FORMS

 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                                  1. Ian Atkinson 
                                             2. Calvin Yau 
                                             3. Gary McMurren 
                                             4. Paul Baay 
                                             5. Bruce Beynon 
                                             6. Michael Kohut 
                                             7. Tamara MacDonald 
                                             8. Andrew McCreath 
                                             9. Joseph Nally 
                                             10. Neil Smith 
                                             11. Steven Smith 
     -------------------------------  --------------------------------------------- 
      Reason for the notification 
  2 
     ------------------------------------------------------------------------------ 
 a)   Position/status                       1. President and CEO (Director) 
                                             2. CFO 
                                             3. COO 
                                             4. Non-Executive Director 
                                             5. Non-Executive Director 
                                             6. Non-Executive Director 
                                             7. Non-Executive Director 
                                             8. Non-Executive Director 
                                             9. Non-Executive Director 
                                             10. Non-Executive Director 
                                             11. Non-Executive Director 
     -------------------------------  --------------------------------------------- 
 b)   Initial notification/Amendment   Initial notification 
     -------------------------------  --------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------------ 
 a)   Name                             Southern Energy Corp. 
     -------------------------------  --------------------------------------------- 
 b)   LEI                              213800R25GL7J3EBJ698 
     -------------------------------  --------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     ------------------------------------------------------------------------------ 
 a)   Description of the               Options to acquire common shares in Southern 
       financial instrument,            Energy Corp. 
       type of instrument 
 
      Identification code              CA8428131059 
 b)   Nature of the transaction        Grant of share options 
 c)   Price(s) and volume(s)                   Effective price   Volumes 
                                           1.          CAD$1.01   555,000 
                                               ----------------  -------- 
                                           2.          CAD$1.01   420,000 
                                               ----------------  -------- 
                                           3.          CAD$1.01   420,000 
                                               ----------------  -------- 
                                           4.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                           5.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                           6.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                           7.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                           8.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                           9.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                          10.          CAD$1.01   105,000 
                                               ----------------  -------- 
                                          11.          CAD$1.01   105,000 
                                               ----------------  -------- 
 d)   Aggregated information           N/A (single transaction for each individual) 
 e)   Date of the transaction          12 September 2022 
 f)   Place of the transaction         Outside of a trading venue 
     -------------------------------  --------------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                                  1. Ian Atkinson 
                                             2. Calvin Yau 
                                             3. Gary McMurren 
                                             4. Paul Baay 
                                             5. Bruce Beynon 
                                             6. Michael Kohut 
                                             7. Tamara MacDonald 
                                             8. Andrew McCreath 
                                             9. Joseph Nally 
                                             10. Neil Smith 
                                             11. Steven Smith 
     -------------------------------  ----------------------------------------------- 
      Reason for the notification 
  2 
     -------------------------------------------------------------------------------- 
 a)   Position/status                       1. President and CEO (Director) 
                                             2. CFO 
                                             3. COO 
                                             4. Non-Executive Director 
                                             5. Non-Executive Director 
                                             6. Non-Executive Director 
                                             7. Non-Executive Director 
                                             8. Non-Executive Director 
                                             9. Non-Executive Director 
                                             10. Non-Executive Director 
                                             11. Non-Executive Director 
     -------------------------------  ----------------------------------------------- 
 b)   Initial notification/Amendment   Initial notification 
     -------------------------------  ----------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------------- 
 a)   Name                             Southern Energy Corp. 
     -------------------------------  ----------------------------------------------- 
 b)   LEI                              213800R25GL7J3EBJ698 
     -------------------------------  ----------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     -------------------------------------------------------------------------------- 
 a)   Description of the               Restricted Share Awards to receive common 
       financial instrument,            shares in Southern Energy Corp. or equivalent 
       type of instrument               cash payment, at Company's sole discretion 
                                        on vesting dates 
 
      Identification code              CA8428131059 
 b)   Nature of the transaction        Grant of restricted share awards 
 c)   Price(s) and volume(s)                   Effective price   Volumes 
                                           1.          CAD$1.01   234,400 
                                               ----------------  -------- 
                                           2.          CAD$1.01   220,300 
                                               ----------------  -------- 
                                           3.          CAD$1.01   220,300 
                                               ----------------  -------- 
                                           4.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                           5.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                           6.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                           7.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                           8.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                           9.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                          10.          CAD$1.01    29,975 
                                               ----------------  -------- 
                                          11.          CAD$1.01    29,975 
                                               ----------------  -------- 
 d)   Aggregated information           N/A (single transaction for each individual) 
 e)   Date of the transaction          12 September 2022 
 f)   Place of the transaction         Outside of a trading venue 
     -------------------------------  ----------------------------------------------- 
 

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END

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September 12, 2022 02:01 ET (06:01 GMT)

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