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 > Oil is giving downward pressure

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Post by farmermanon Aug 05, 2014 10:02am

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Post# 22809408

Oil is giving downward pressure

So an a consequence all oil stocks are down including ours. I cannot understand how production at Mckay is trending down and not up. I have not checked out the hotmail account for a while but unless there is 2 wells at a time being shut in for icd installation it makes no sense to me.
Can anyone else explain this a little better? Thanks Monzie for the comments on the aer
One would assume as production on the ICD installed wells moved up even with other wells shut in we should see a 100 or 200 more barrels a day showing up dont you think?
I feel the team is very qualified but bad luck seems to have plagued this play for a while.
I have a little more paper loss every day it seems.
A while back someone mentioned a penalty. If they dont sell Senlac (is this what you mean) they would have to pay someone for not selling it? A buyer IMHO wouldnt want it to drift down like it is and its obvious to me someone wants it why else would they let production fall away? But to delay the sale of it for such a long time to see how Mckay ramps up seems ludicrous.
Adam had said the value of the company is high according to management and we better see some reflection of that. Certainly the market price has no bearing at this time on the over all asset value of STP but I too am tired of being kept in the dark and obviously the market is too.
The company said it would not release information in regards to the review until it was done, fair enough. But this seems to encompass everything now. We all know ICD's are going in but if production is down to multiple icd's being installed at the same time or because they arent working this is material and we should be told, shouldnt we?
I dont agree with Andrew Macreath (unsure on spelling) I think we are in for a correction now and sadly STP will go down with it. But how much averaging down does a guy do with no communication from the company?
One more question for you boys and girls... With the company being under a 1.00 for so long will the tsx bump it back to the venture?
Dave

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