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 > It's been fun, but unfortunately it's lights out.

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Post by nikeherculeson Aug 21, 2014 12:36pm

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Post# 22865360

It's been fun, but unfortunately it's lights out.

1st lien (secured)   $150,000,000.00    10%   $15,000,000.00
2nd lien (secured)   $260,000,000.00    8%   $20,800,000.00
debentures (unsecured)   $172,000,000.00    6%   $10,320,000.00

                          $23,060,000.00    semi-annual interest payment

Cash on hand as of June 30th              $34,000,000.00

STP common has less than 6 months left. With only 4 more ICD's being installed and Senlac decline, STP is headed to insolvency in the first half of 2015.

Does anyone else disagree?

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