Newsfrom stockwatch....didn't AOS release something saying they had 5,000 barrels per day??? wonder if its just a coincidence...
Southern Pacific to acquire heavy oil interests
2009-10-09 08:36 ET - News Release
Mr. Dave Antony reports
SOUTHERN PACIFIC MAKES STRATEGIC ACQUISITION AND ANNOUNCES BOUGHT DEAL FINANCING: COMPANY TO ACQUIRE PRODUCING SAGD OIL ASSETS
Southern Pacific Resource Corp. has signed an agreement with a public oil and gas company to acquire producing heavy oil interests currently averaging 5,000 barrels per day (bbl/d) for a net purchase price of approximately $90-million.
The acquisition will dramatically alter Southern Pacific by adding facilities, operations, relevant experience and significant cash flow to pursue the corporation's STP-McKay oil sands project and other prospects in the Athabasca oil sands. The acquired assets, located in southwest Saskatchewan, provide immediate heavy oil production from a project that uses steam-assisted gravity drainage (SAGD) as the method of recovery. The acquired operations and technical expertise will directly complement the corporation's STP-McKay project, which has been designed to recover 12,000 bbl/d (9,600 bbl/d net to the corporation at an average 80-per-cent working interest) of bitumen using similar SAGD technology.