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Southern Pacific Resource Corp STPJF

Energy Oil & Gas E&P
Southern Pacific Resource Corp. is a Canada-based company, which is engaged in the thermal production of heavy oil in Senlac, Saskatchewan on a property known as STP-Senlac, and thermal production of bitumen on a property located in the Athabasca region of Alberta known as STP-McKay, as well as exploration for and development of in-situ oil sands in the Athabasca region of Alberta. Its STP-McKay property consists of oil sands leases totaling approximately 37,760 acres. The Company’s operations also include Anzac, Hangingstone and Ells. The Company’s STP-McKay property is located approximately 45 kilometers northwest Ft. McMurray. The Anzac project covers approximately 117 kilometers of two-dimensional (2D) seismic. The Company owns 80% interest in Hangingstone project. The Ells project covers approximately 164 kilometers of two-dimensional (2D) seismic.


GREY:STPJF - Post by User

Southern Pacific Resource Corp > Changes
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Comment by bmofoshizzon Aug 15, 2014 8:32pm
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Post# 22848422

RE:RE:RE:RE:RE:RE:RE:RE: Changes

RE:RE:RE:RE:RE:RE:RE:RE: ChangesEveryone is getting very gloomy. I think there is still reason to be more optimistic than that. This is not yet an OPTI situation. Whereas OPTI was facing a forced, ugly recapitalization prior to CNOOC swooping in (read its last two quarterly reports), STP has some time and options after the Credit Suisse deal in March. As a lot of others are thinking (less so lately though), I believe there is a deal in the works. However, if the deal isn't favourable to equity holders (e.g. less than $0.5/sh), there is still enough value in STP that it could approach its debt holders to recapitalize (say at 2-3 shares/dollar), then reverse split. This would give former debt holders somewhere in the neighbourhood of 60-70% equity stake in a 4-5k boe/d producer with only $150MM debt (CS), some free cashflow for growth (with reduced debt payments) and significant potential for growth. Should a good deal not materialize, I see the recap. being a reasonable deal for all players, and at least creating a sustainable entity going forward that provides some upside to everyone.
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