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 > Affidavit: "...McKay and Senlac ...grossly mismanaged"

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Post by dbinvestoron Feb 25, 2015 8:13pm

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Post# 23465998

Affidavit: "...McKay and Senlac ...grossly mismanaged"

This affidavit is a MUST READ! Go to the 2nd to last page and read the letter .

To summarize, lawyers for a group of Holders of debt ( stated as "investment advisors that manage funds" who hold over 15% 1st Lien, 70% 2nd Lien, 50% debentures) state that:

- McKay and Senlac projects are grossly mismanaged. This mismanagement has caused the financial decline.
- The problems at McKay and Senlac can most likely be fixed relatively easily and that would improve the prospects and value of the company.
- by not fixing these issues the company is guaranteeing it fails to receive fair value

..... it says and much more and is worth a read...

hmm the investment experts who manage funds feel strongly enough to have a lawyer file an affidavit with the court about this...

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