Star Metro - Southern Energy Announces Results of Annual Meeting and Board Changes

Board changes

Shareholders elected Paul Baay and Danny Labelle to the Board of Directors (the "Board") of the Company and re-elected Ian Atkinson, R. Steven Smith and John Joseph Nally. Mr. Baay and Mr. Labelle were appointed as Non-Executive Directors of the Board effective 30 September 2026.

Bruce Beynon, the Company's former Chair, did not stand for re-election and has accordingly retired from the Board effective 30 September 2026. The Board and management team sincerely thank Mr. Beynon for his leadership, valuable contributions and dedicated service to Southern during his tenure. John Joseph Nally has now been appointed as Non-Executive Chairman of the Board, succeeding Mr. Beynon.

Paul Baay

Paul Baay has more than 35 years of experience leading oil and gas exploration and production companies and is currently President and Chief Executive Officer of Touchstone Exploration Inc. Mr. Baay established Touchstone Energy Inc. and served as Chair of the Board and Chief Executive Officer from July 2010 to May 2014. Prior thereto, he was Managing Director of Abacus Energy, part of Abacus Private Equity, from 2007 through 2010, and a senior officer of True Energy Inc. from 2000 through 2007. He also served as Chair of the Board of Directors of Vero Energy Inc. and Request Seismic Surveys Ltd., and as President, Chief Executive Officer and a director of Remington Energy Ltd. Mr. Baay has served as Chair of the Board of Governors of the Banff Centre for Arts and Creativity since May 2024, is a member of the Institute of Corporate Directors and holds a Bachelor of Arts in administrative and commercial studies from the University of Western Ontario.

Danny Labelle

Danny Labelle is an independent businessman and veteran energy executive with more than 28 years of technical, operational and corporate development experience in the Western Canadian Sedimentary Basin. He most recently served as Senior Vice President, Development and Acquisitions & Divestments of Hammerhead Energy Inc. (formerly Canadian International Oil Corporation) from May 2011 until its C$2.55 billion corporate sale in December 2023. Prior thereto, Mr. Labelle held senior geology and exploration positions with Talisman Energy, Mobil Oil Canada, Advantage Energy Services and Dominion Exploration. He holds Bachelor of Science and Master of Science degrees in geology.

Mr. Atkinson, President and Chief Executive Officer of the Company, stated:

"On behalf of the Company, I am pleased to welcome Mr. Baay and Mr. Labelle to the Board. Their extensive leadership, technical and corporate development experience will be valuable as Southern continues to advance its strategy. I would also like to thank Mr. Beynon for his significant contributions since Southern's recapitalization transaction in 2018, and we wish him every success in his future endeavours."

Approval of other resolutions and creation of a new "control person"

Shareholders also approved at the Annual Meeting each of the other items of business set out in the Company's management information circular dated August 19, 2026 (the "Information Circular"), including: fixing the number of directors at five; the re-appointment of Deloitte LLP as auditor of the Company; the Company's stock option plan and share award incentive plan; by ordinary resolution of disinterested Shareholders (excluding the common shares held by TCC 1 Corp.), the creation of a new "control person" (as such term is defined in the policies of the TSX Venture Exchange) that may result from the issuance of new common shares of the Company to TCC 1 Corp. on the potential conversion of its US$17 million convertible debenture; and, by special resolution, a potential consolidation of the Company's common shares on the basis of up to five pre-consolidation common shares for each one post-consolidation common share, which the Board may implement in its discretion at a time to be determined and announced by the Company. For further details, please review the Information Circular, available on the Company's website and under the Company's SEDAR+ profile at www.sedarplus.ca.

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

About Southern Energy Corp.

Southern Energy Corp. is a natural gas exploration and production company characterized by a stable, low-decline production base, a significant low-risk drilling inventory and strategic access to premium commodity pricing in North America. 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 shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and re-development strategies including 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.

Further information pursuant to Rule 17 and Schedule 2(g) of the AIM Rules for Companies

The following disclosures are required regarding the appointments of Paul Baay and Danny Labelle pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies (the "AIM Rules").

Paul Raymond Baay (aged 63) is currently, or has during the past five years been, a director/partner of the following companies:

On May 16, 2023, Mr. Paul R. Baay entered into a settlement agreement with the ASC in relation to a breach of Section 147(4) of the Securities Act (Alberta) (the "Settlement Agreement"). Pursuant to the Settlement Agreement, Mr. Baay admitted that he, on six occasions between December 2019 and April 2021, emailed draft Touchstone news releases to an employee of a regulated Canadian investment dealer firm, who was a registered dealing representative of Touchstone (the "Registrant"), and, in such capacity, was responsible for the Company's Employee Share Ownership Plan, prior to such news releases being broadly distributed to the public. Mr. Baay emailed the draft Touchstone news releases to the Registrant during the evenings or on the weekends when both the TSX and AIM markets were closed. On each of the six occasions, Touchstone distributed the final versions of the Touchstone news releases to the public before the TSX and AIM markets opened for regular trading on the next trading day. Mr. Baay paid the ASC $40,000 in settlement of the matter and completed training in public company governance best practice. The ASC did not require any market access bans on Mr. Baay as part of the Settlement Agreement.

Mr. Baay does not hold any shares in the Company.

There are no further disclosures required in accordance with AIM Rule 17 or Schedule 2(g) of the AIM Rules in respect of the appointment of Mr. Baay.

Daniel (Danny) G P Labelle (aged 55) is currently, or has during the past five years been, a director/partner of the following companies:

Mr. Labelle currently holds 31,250 shares in the Company.

There are no further disclosures required in accordance with AIM Rule 17 or Schedule 2(g) of the AIM Rules in respect of the appointment of Mr. Labelle.

SOURCE: Southern Energy Corp.

View the original press release on ACCESS Newswire

A.Desjardins--SMC