Venture Equity Bulgaria Ead Acquires Stake In Southern Energy Corp.

SOFIA, Feb. 17, 2023 - Venture Equity Bulgaria EAD ("Venture Equity") is pleased to announce that, between November 2, 2022 and December 16, 2022, it acquired an aggregate of 1,842,862 common shares ("Shares") in the capital of Southern Energy Corp. ("Southern"), an established natural gas exploration and production company with U.S.-based assets.

Venture Equity has acquired ownership of 1,842,862 Shares, representing approximately 1.33% of the presently issued and outstanding Shares. Immediately prior to the acquisition, Venture Equity, together with Svetoslav Bojilov, owned 13,733,372 Shares representing approximately 9.95% of the issued and outstanding Shares.

Following completion of this acquisition, Venture Equity, together with Svetoslav Bojilov, owns or controls a total of 15,576,234 Shares, representing approximately 11.28% of the presently issued and outstanding Shares.

The securities were acquired in multiple trades through the facilities of the TSX Venture Exchange (the "TSXV") and the AIM Market of the London Stock Exchange ("AIM") at prices ranging from C$0.746 to C$1.117 per share for an aggregate purchase price of approximately C$1.79 million. Venture Equity acquired the securities for investment purposes, and may acquire further Shares, or dispose of its holdings of Shares, both as investment conditions warrant. Southern is listed on the TSXV under the symbol "SOU" and on AIM under the symbol "SOUC".

For further details regarding the acquisition of the Shares described above, see the Early Warning Report dated February 17, 2023 available on Southern's SEDAR profile.

Venture Equity has its head office at Patriarh Evtimii 22, fl.1 Sofia 1000 Bulgaria.

Southern's head office is located at Suite 2400, 333 - 7th Avenue S.W. Calgary, AB T2P 2Z1.

SOURCE Venture Equity Bulgaria EAD