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 > Nice start to the day

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Comment by Eyeinvestoron Dec 17, 2013 11:18am

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RE:RE:Nice start to the day

According to end October update released in November, STP's own resources provides the capital to fund the $20m for the new pads at Senlac. . The news in December was that they want to drill new wells at McKay to use the surplus steam capacity. That will cost $51m and they don't have the extra $51 m. They need to start these new wells asap if they want production in 2015, and in the meantime a $400m steam generation plant is running at a third of capacity. . So my guess is that if someone came to them with $75 - 150m, so that they could pay down the bank loan AND drill the additional wells at McKay......they would say YES very quickly. . The question has to be how much do Luttes and Co. have to give up for the $150m????

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