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Southern Pacific Resource Corp STPJF

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

Comment by monzieon Aug 05, 2014 11:10am
334 Views
Post# 22809773

RE:RE:Oil is giving downward pressure

RE:RE:Oil is giving downward pressureI imagine 2P2 (or whichever the biggest non ICD producing well pair is - I think it was 2P2 but can't remember off hand) was shut in for an ICD installation, thus taking off about 400 -500 bbl/d of June's production.  On top of that I assume that 2P5 is going to be slowly ramped up after the ICD installation after they learned their lesson on 2P1's steam issues, so an immediate double up in production was never in the cards.  

And if this is the case then the production is what was expected, sure it looks bad on paper but a June or July exit rate of 2600 to 2700 would be a pretty nice improvement and surely ease the masses.  But I agree we do need some sort of press release - at the very least to calm down those who are on the fence about throwing in the towel or not.  Some should seriously give Lutes a dictionary and show him what the actual meaning of "enhancing shareholder value" is. 
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