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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 > STP Debs vs. The Rest
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Comment by ShatnersRugon Sep 03, 2014 8:13am
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Post# 22900173

RE:RE:RE:RE:STP Debs vs. The Rest

RE:RE:RE:RE:STP Debs vs. The Rest
Monzie, the results of the ICDs are already in. Their effect on well performance is marginal at best.
870 bbl/d from the 3 existing wells for the month of July. It's just not enough.

I can understand seeing any glass as half full.... and generally speaking, I myself am an optimist, but how many times does one need to get kicked in the teeth to figure out that these guys are done?

What if all of McKay's lands have a clay content that is juuuuust a tad too high thus restricting optimal extraction? Take the 870 figure from July and let's assume that 1P5 on Pad 1 is a complete bust(0 production). That would mean 435 bbl/d from the 2 wells on Pad 2. Less than 50% of nameplate WITH ICDs. SAGD is an expensive method of oil extraction, and given the current company debt, it doesn't make sense to move forward at McKay. The metrics don't make sense.

Not as far as I'm concerned anyway. I'm quite fond of the few teeth that I have left.

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