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Bullboard - Stock Discussion Forum Southern Pacific Resource Corp STPJF

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... see more

GREY:STPJF - Post Discussion

Southern Pacific Resource Corp > Missing something key here
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Post by investortom321 on Feb 11, 2014 5:07pm

Missing something key here

STP is better off today than it was 1 year ago at the $1.15 range. I think the stock deserved a beating on the production miss but to be treated like a non producing company was a bit dramatic. IMO

Production is now looking like there is light at the end of the tunnel and they do not need to put out much more capital from here to get into the green assuming the wells are capable of sustaining the Feb productions rates.
First Energy said the quarter was 9% lower than estimates but STP also had a lot of capital costs still out going last quarter, let alone the well issues. STP also had slight headwinds of lower commodity prices which for this quarter have improved significantly. On the call they stated $73/bbl as the average price they are getting now which is about 10% higher than last Quarters $68/bbl. They are in much better shape than last year plus the key thing is...........

They do not have to build this entire site from scratch again!

The proof will be in the next three months as the CEO stated and fingers crossed things go smooth for STP now. These guys are smart and are sitting on a lot of oil. The banks and investment institutions know it.
Comment by monzie on Feb 11, 2014 6:23pm
Not to mention Lutes did reiterate in the CC that the banks are confident in them and their plans otherwise they wouldn't be lending them more money and easing the covenants.
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