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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Comment by monzieon Nov 21, 2014 12:19pm

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RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:wait

Nike if that's the be all and end all case then why did the company bother selling Red Earth? Surely they could use all the assets they have as some sort of leverage in the negotiating process, especially when their demise is a done deal. And not to mention why did they say that they are exploring "within its current financial structure" of adding up to another 35 million dollars in debt just a few days prior to the AGM? I mean they wouldn't bother doing any of this if there was absolutely no hope and if they flat out know that they will be reorganizing in a few months.

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