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 > More drama

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Post by monzieon Apr 22, 2015 4:58pm

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Post# 23654482

More drama

Looks like the Second Lien noteholders are accusing management once again of giving the first lien holders preferential treatment. And a request to extend the stay until May 29th has been filed. On the plus side tho it looks like there were several bids from third parties as well, plus the company is also in negotiations to restructure the company - so maybe the debenture holders might actually get a few crumbs.

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