Southern Pacific Resource Corp STPJF

Round and round

[Backwardblade]

Had been following this thing for a while.  I am traditionally a buy and hold guy with huge sentiment towards either value or growing dividends.  This is, or at least was play money.  I  bought purely for the land at .58  I ended up with a value play.  I followed it down all the way to .24 where I averaged  and was lucky enough to check and get in at .12 as well.  My position was getting way out of whack with my portfolio and I sold a chunk at .22 yesterday to cover my previous losses.  Not a bad thing I think as I found myself pot committed as a trader when I am in fact NOT.  

No matter the politics, or your math, my take on this is that this is a land purchase pure and simple.  1.00 may happen.  They may go broke.  Some player may be picking up shares quietly on pennies on the dollar to back their dept.  Interest rates may spike and we'll have another OIL like cave in maybe.   I've tried the day trading, and it's not for me.   

The numbers say anything from .50 to .80 recently.  I have taken out huge discounts on production because forcasted and probable production is not in fact actual production.   It wil be worth a buck as soon as somebody wants to pay a buck.  Right now, based on the land and a gut added emotional trading value I see .40 or bust.

You can talk about the plant value all you want but plants are alot like tires.  They are expensive to buy but add nothing to the value of the car.  More often than not, bust oil/gas plays have often made millionaires out of scrap metal dealers.  Yes it will add some value to a JV or outright purchase but it won't be retail.  Or at least I wouldn't  think so.

Nice meeting you gentlemen....Opinions please