Southern Pacific Resource Corp. (TSX: STP, Stock Forum) fell 29% to 8.5 cents Thursday after the company said it has wrapped up a strategic review process that began in December 2013 ollowing a realization that the original 12 well pairs drilled at the STP-McKay Thermal Project were unlikely to fill the process facility to design capacity of 12,000 bbl/d and that more workovers on the existing pairs as well as the addition of new pairs would be required.
According to the news release, the company brought in RBC Capital Markets to act as a strategic advisor and in March 2014, the company completed the first lien debt facility which improved its cash liquidity.
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