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.

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Southern Pacific Resource Corp > Good Lord

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Comment by edmbondson Aug 22, 2014 10:22am

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Post# 22868675

RE:Good Lord

why didnt they accept a low ball offer?

This is a critical question. A low probability attempt to salvage equity value is not consistent with meeting the fiduciary responsibilities of the BoD. The BoD must have the view that STP can manage through to positive cashflow and raise new funds from there. They might be wrong but that must be their view.

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