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 > 30 day cure period

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Comment by bmofoshizzon Dec 31, 2014 12:06am

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Post# 23274545

RE:RE:30 day cure period

The math on a debt equity swap of second lein and debs at conversion price of 0.10/sh almost works out. Although, I'm still not sure they'd be able to pay Credit Suisse their interest at current oil prices. They'd still be short ~$75M for drilling at both sites in that scenario too. Definitely a predicament that will take some grease.

On the plus side, the $5M they save not paying interest is just enough to cover the change in control clause amounts to Lutes and Co.

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