Southern Pacific Resource Corp STPJF

STP and SAGD

[wittmann]

I couldnt help noticing some barbs traded here.I think all of us investors in this company are unhappy with the way things are going.But we took a risk with sagd and anyone who understands sagd knows this.To state that sagd is  a more costly method of oil extraction is so painfully obvious its not even worth discussing really.Especially comparing it to oil sands open pit.The numbers that are or were touted for stp's production were very attractive and the company's relationship with investors was stellar(at first).The fact that things are not going as planned should be known by us all really,its just disappointing when it actually happens.This company went from excellent to poor in less than a year.If it  can turn things around,great,but time isnt in their favor.

[monzie]

Just out curiousity sake why isn't time in their favour? They have 47 million dollars available to them right now, as well as another 140 million if they choose to take a second lien.  The convertible debentures mature in three years and the senior notes are more than 4 years away from maturity.  And by that time both Phases at McKay should be up and running as planned.  So what

[stephenhuang]

Good point, this is a wonderful buying time. By the way, I am buying.

[wittmann]

No No,thats not what I'm implying at all.This company isnt going bankrupt anytime soon.But investors like to see forward progress,not sideways or backward.Setbacks in sagd are common and expected its just this company has sufffered a multitude of problems in quick succession.All companies eventually must turn a profit of course and right now STP exists not from generated income as such,but