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

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Post by 4ironon Jan 21, 2013 4:54pm

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Post# 20868790

Strike 2 for Lutes?

MacKay was supposed to be financed from existing production revenue. Now it appears Lutes has refinanced lowered the interest on some Bonds and Lines of credit, (apparently for the better) but inreality has increased the debt liability, or in the layman's terms, given himself just enough rope to hang himself, and every stakeholder involved.

So what are the thoughts of the Three Genius Clowns, Rusty, Himmer and Adam?

Are we going to get production and revenue in time? or do we lose everything to the Bankers yet again.

4Iron

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