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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 > On the saner side
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Comment by CommunityMindon Jun 17, 2014 11:39am
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Post# 22666786

RE:On the saner side

RE:On the saner sideThats a decent guess and really all we can do. We wanted a news release and we got one. 
Management at STP has struggled with production. Why won't the oil just flow????
I think they were ready to throw in the towel last December and then they had a glimmer of hope after the first ICD installation. Unfortunately that didn't prove to be stable.
Mean while the tire kickers have been come around to see what kind of a deal they can get on the assets. I think they had a potential buyer (because of the CapEx freeze) but for whatever reason that didn't materialize.  
So it's back to business as usual but with a twist. The original plan annouced earlier this year included senlac but there's no mention of it in this news release. And there's no mention of production numbers which I guess are flat or maybe even declined. 
So it looks like we wait a few more months and see what happens. Hope for a good summer and better news in September.

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