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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 > you know
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Comment by ShatnersRugon Dec 30, 2014 10:33am
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Post# 23271771

RE:RE:you know

RE:RE:you know
In truth, bankruptcy would be the best option.

Their debt is simply too high. Sure Senlac is a great asset, but 5,000 bbl/d is not going to put a dent in it. McKay is NOT a proven economical asset. I don't care what anyone says or what spin they put on the story. Injecting 100's of millions of dollars into a project for 2,200 bbl/d is an abject FAILURE in my mind.

It costs money to declare bankruptcy. Take the money from the Red Earth sale, ensure that whatever remaining LOYAL staff are taken care of for a few months, pay off the sheister lawyers, then lock the doors for good.
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