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, he can read

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Comment by monzieon May 08, 2014 10:32am

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RE:RE:RE:Nice, he can read

Actually Adam I believe the question asked how much they've drawn on since March 31st and Lutes said that they aren't drawing on the line of credit right now because they have 4 million dollars in the bank. They've already paid for some of the ICD's as he said they have them in stock. And yeah he said the 18.8 million for Senlac Pad L would produce 1500 - 2000 bbl/d (which @$90 a barrel would bring 135k to 180k of revenue per day). Plus with this number I can see them being totally conservative seeing as they are notorious for missing their guidance and wouldn't want to do so again, so I would expect to see Pad L producing a minimum of 2000.

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