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.

GREY:STPJF - Post by User

Southern Pacific Resource Corp > Pi Financial

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Comment by monzieon May 09, 2014 11:16am

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Post# 22543828

RE:RE:Pi Financial

That's exactly it JR, 50 cents would put the enterprise value at roughly 800 million which seems like a minimum fair price to me. At 24 cents we're currently sitting at roughy a 680 million dollar enterprise value. The debentures would be made whole and anything above that price would go directly to the commons and the beauty of it all is that the commons are the ones who hold the vote. A penny increase for every 4 million dollars on top of the 680 million sounds enticing and I just can't see management wasting their time reviewing any lowball offers with their liquidity crunch being resolved. So I'd be voting yes to anything at or above 390 million for a 49% joint venture stake, or 800 million for a full out sale of the company.

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