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 > Chinese will be all over this

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Comment by Eyeinvestoron Dec 16, 2013 12:08pm

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RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Chinese will be all over this

Brion (Chinese owned) has a 150,000 bbl/d McKay project immediately south of STP McKay and they have already started construction of phase 1 of that project for 35,000 bbl/d. If Brion is about to spend $750m -$1 bn in the same geology and RBC is looking for bids on part of STP McKay then would Brion be crazy not to want to see the information provided as part of that bid process no? I read the law re foreign ownership as saying that Brion cannot go above 49% without approval, but a 30% stake wouldn't be a problem. I'm not saying the Chinese are buyers, but surely they are interested? Why wouldn't they be?

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