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Southern Pacific Resource Corp STPJF

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.


GREY:STPJF - Post by User

Post by investortom321on Feb 11, 2014 5:07pm
286 Views
Post# 22197447

Missing something key here

Missing something key hereSTP is better off today than it was 1 year ago at the $1.15 range. I think the stock deserved a beating on the production miss but to be treated like a non producing company was a bit dramatic. IMO

Production is now looking like there is light at the end of the tunnel and they do not need to put out much more capital from here to get into the green assuming the wells are capable of sustaining the Feb productions rates.
First Energy said the quarter was 9% lower than estimates but STP also had a lot of capital costs still out going last quarter, let alone the well issues. STP also had slight headwinds of lower commodity prices which for this quarter have improved significantly. On the call they stated $73/bbl as the average price they are getting now which is about 10% higher than last Quarters $68/bbl. They are in much better shape than last year plus the key thing is...........

They do not have to build this entire site from scratch again!

The proof will be in the next three months as the CEO stated and fingers crossed things go smooth for STP now. These guys are smart and are sitting on a lot of oil. The banks and investment institutions know it.
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