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 > STP Borrowing and Break Even

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Comment by Pandoraon Jun 27, 2013 1:18am

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RE:STP Borrowing and Break Even

They need 6000 bbl/day to cover costs/break even and 7000 bbl/day to start paying down debt. They have used $40M of the $100M credit facility from Goldman Sachs so still have $60M available for CapEx. There next projected CapEx project is a $21M new pad at Senlac in 2015 so they will still have room to spare.
As long as they don't have a major failure as they proceed with activating the other McKay well pairs with increased pressure then they should start improving numbers in August. The July numbers will not likely be much better because they have not received the permit to do the increased pressure process on the other well pairs yet. They expect that approval before mid-July. Nothing cast in stone.

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