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 > Im surprised

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Comment by ShatnersRugon Jul 14, 2014 1:55pm

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RE:RE:RE:RE:Im surprised

Senlac is most definitely on the chopping block.
If the ICDs perform reasonably well on Pad 2, that is getting each well to pump out 600+ per day, then it would be more accretive for the company to sell off Senlac and either drill infill wells on Pad 2 or to get another pad online.

Pad 1 is a complete waste of time and money as the last production numbers show. 3 dead wells (production 0).

Aside from a potential sale of the asset, there is no reason whatsoever to delay capex at Senlac.

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