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 > At least the 18 cent wall is gone

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Comment by nikeherculeson Jul 29, 2014 6:38pm

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Post# 22791990

RE:RE:RE:RE:RE:At least the 18 cent wall is gone

2000 bbls/day times $75,000 = $150,000,000

That's why your current first lien is at LIBOR+10% and matures March 31, 2019.

Note the debs are trading at loan shark rates (18% coupon, 45% yield-to-maturity on June 30, 2016). I imagine the $260 million second lien is secured against the McKay plant site and trading at department store credit card yields.

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