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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 > Review
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Comment by nikeherculeson Jul 03, 2014 12:36pm
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Post# 22713382

RE:RE:RE:RE:Review

RE:RE:RE:RE:Review
I'm hopeful that the next news release will be hopeful forward looking.

However, production will most likely be down for Q2. Senlac is dropping about 50-100bbls/day per month and we know from Deduction's numbers that April wasn't all that fantastic at McKay. 2P5 was also down for a portion of May and June.

Chances are we'll be well below 4000bbls/day for Q2. Hopefully the ICD wells are ramping up well despite the decrease in production.

Good news is STP has cash, isn't going backrupt in the near future and ICD's will allow STP to claw up to breakeven. I really don't care about the additional wells on pad 2 at this point. Stabilize the company finances/production and then look for the $51 million - or get the damned deal closed ASAP.

Let's hope Lutes has learned his lesson from this fiasco and isn't trying to get too cute/fancy with the strategic review.

Is there any ICD activity onsite at McKay? I can send a chopper over to take a quick peek and verify. Use the hotmail.com account if you don't want to post in the public forum.
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