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 > STP Debs vs. The Rest

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Comment by edmbondson Sep 03, 2014 10:35am

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

You're right Monzie, there is some hope for equity. The STP-Mackay project was an engineering failure that engineers will fix. There COULD be some value left in the equity once the dust settles and the eventual recapitalization is complete. My point was not that the equity was toast (although it might be) but that its upside is severely harmed now (what I meant by "whacked", which I agree is not very descriptive).

To say that STP is "done" is meaningless. The resources at Mackay and Senlac are not going to be abandoned.

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