Mr. Ian Atkinson reports

SOUTHERN ENERGY CORP. ANNOUNCES WARRANT AMENDMENT AND TOTAL VOTING RIGHTS UPDATE

Southern Energy Corp. has extended the expiration date of its common share purchase warrants issued under the non-brokered private placement of units of the company, which closed on April 29, 2021, from April 29, 2023, to Dec. 31, 2023. This amendment is being implemented by the company to encourage the exercise of the warrants and to aid in the liquidity and trading of the common shares of the company.

Each unit issued under the April, 2021, private placement comprised one common share and one warrant. Each warrant entitled the holder thereof to purchase one common share at an exercise price of 32 cents any time prior to April 29, 2023. This amendment permits holders of such warrants to exercise their warrants any time prior to Dec. 31, 2023.

As of the date hereof, of the 17,078,125 warrants issued under the April, 2021, private placement, 8,331,250 have been exercised and 8,746,875 remain unexercised. Of the warrants that remain unexercised, 1,943,750 are held by directors/persons discharging managerial responsibilities of the company. The extension remains subject to final approval from the TSX Venture Exchange.

Total voting rights update

Further to the company's announcements on May 6, 2022, and Aug. 23, 2022, regarding the application to the Alternative Investment Market for a total block admission of 18,863,750 new common shares in the company, a monthly update to the company's total voting rights as a result of the exercise of instruments subject to the block admission during April, 2023.

As at April 30, 2023, Southern had 139,041,285 common shares in issue. This figure may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. There are no common shares held in treasury and each common share entitles the holder to a single vote at general meetings of the company.

About Southern Energy Corp.

Southern Energy 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. The company's management team has a long and successful history working together and has created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields, and the utilization of redevelopment strategies utilizing horizontal drilling and multistaged fracture completion techniques.