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Bullboard - Stock Discussion Forum 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... see more

GREY:STPJF - Post Discussion

Southern Pacific Resource Corp > pwc update
View:
Post by monzie on Nov 26, 2015 10:43am

pwc update

Looks like they sold Senlac and there will definitely be no money for unsecured or even 2nd lien holders.  McKay is still hibernating so who knows if and when they'll be able to sell that.
Comment by birdie22 on Nov 26, 2015 11:06am
Look at Page 3 item 1.7 it`s done, take the loss. https://www.pwc.com/ca/en/car/stp/assets/stp-051_112515.pdf
Comment by nikehercules on Nov 27, 2015 1:27am
Senlac is only doing 600 BPD, so I don't think CNQ offered very much in their October 20th proposal. The only good thing I see is that 5 guys at McKay get to keep their jobs. Two shifts of two guys working 12 hour days. I bet they'll be plenty of XBox/NetFlix time for that crew.
Southern Pacific Resource Corp
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