Southern Pacific Resource Corp STPJF

RE:RE:Accusation that management ignored re-finance prior to CCAA

[Pandora]

A day late and a dollar short as they say. Where the hill was this a year ago ( or was it disguised as looking at alternatives -- all of which were dismissed):

CALGARY, ALBERTA--(Marketwired - Feb. 20, 2015) - Southern Pacific Resource Corp. (TSX:STP) (the "Company" or "Southern Pacific") is a thermal heavy oil and bitumen producer based in Calgary, Alberta. Southern Pacific has initiated a process to solicit proposals to: 1) acquire the Company and its assets; or 2) acquire some or all of the assets of the Company; or 3) make an investment to recapitalize and restructure the debt of the Company (collectively a "Bid").

Strategic and financial alternatives to be considered may include, but are not limited to, the sale of the Company, merger or other business combination, new investment or other financing alternative as a part of a recapitalization, sale of all or a portion of the Company's assets, or any combination thereof.

On January 21, 2015 the Company and its subsidiaries and partnerships obtained an initial order (the "Initial Order") under the Companies' Creditors Arrangement Act ("CCAA") from the Alberta Court of Queen's Bench (the "Court"). As part of the Initial Order, RBC Capital Markets' ("RBC") engagement as financial advisor to the Company was affirmed.

Read more at https://www.stockhouse.com/news/press-releases/2015/02/20/southern-pacific-solicits-proposals-to-sell-or-restructure-company#9HsoDp5EMYJQBbq4.99