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

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Post by edmbondson Sep 05, 2014 11:42pm

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Post# 22912109

Just to be clear ...

Just to be clear, if this was a light switch ... on or off only ... I'd pick on. I suggest that the BoD and management took a better than 50/50 shot at preserving equity when they exited the strategic review. I think they make good-enough progress with production and that that they will get new funding and the going concern is preserved. I think that any new funding is extremely dilutive to equity but much better than via CCAA. I think buying debentures is the way to make serious money. I think the 2nd lien notes are a safe, good bet if you're nervous. I think equity has a poor risk/reward now but that is fluid. I think Credit Suisse is well protected.

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