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 > SOUTHERN PACIFIC PLANS TO SUSPEND OPERATIONS AT STP-McKAY

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Comment by KevinGSon May 13, 2015 11:29am

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Post# 23723972

RE:RE:RE:SOUTHERN PACIFIC PLANS TO SUSPEND OPERATIONS AT STP-McKAY

Given the company was close to break even in the last monitor's report, I think they are trying to get past break even by doing this. I can understand why this is not great news if you are employed there. I'm just guessing, but if you are a 2nd lien note holder, doing stuff like this buys time for the company and you might just get your money back eventually, even if there is no white knight at the present time.

There might be some sort of deal being hatched though. In the last report there was mention of a submission that had been sealed. This could be a deal in negotiation.

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