Southern Pacific Resource Corp STPJF

Shareholders review

[4iron]

Let's start with Byron and his leadership of this once promising Company. Does anyone remember when they were going to build McKay SAGD without any debt? yep it's true, it was supposed to be developed from the Senlac revenues with "No Debt". Well they constructed the project on budget (more or less) and were the first to secure a long term railway contract to ship the Bitumen. This was all good and first steam was announced with a promising future ahead. Since then Byron has done absolutely nothing (except secure an extension as President the week before releasing that the emitters and receivers were to far apart, thereby causing a 65% drop in SP) to promote or remedy the situation. Oh what's that you say? He's called for a strategic review, big deal that means he's out of ideas and is paying someone else 10's of millions to find a solution. Oh and ICD's, well these were supposed to be the remedy for the faulty Engineering of the well pairs. Well we still don't know if they work or not as they (the Management) have elected to stop implementing them or reporting there success/failure. Senlac has promise but again Management (Byron) has chosen to not drill and wait for some divine intervention or a conclusion to the review. The last is the Loan/LOC that averted our cash problem, this may have seemed like a great move on the surface (and it was) but it also allowed the Bankers to get there claws deeper into this once promising Company. Byron has shown contempt for the shareholders by not informing us of the performance and must be held accountable for his actions. Byron Lutes: you are hereby under a performance review for the next 15 days, after which it will be assessed by an independent panel of active Shareholders and released publicly for review and recommendations for corrective action. 4iron

[ShatnersRug]

This isn't the first time that you have been critical of Mr. Lutes. McKay has had production issues, but to put the blame squarely on Mr. Lutes's shoulders is uncalled for. It's not like he can strap on a helmet and spelunk down into the steam chambers and fix them himself with a pick. Stuff happens. It's how one deals with adversity that defines one's management legacy.

[whatabuck]

You are wrong Shat, he is the leader. When the boat sinks cuz the captain was having a whizz who are you going to blame. I personally want a new captain.

[CatCatCat]

Lutes is totally to blame, he is the engineer, he shouldve have had enough research done to know the spacing of well pairs  wasnt appropriate. But its not only Lutes, he is Dave's puppet, Dave has to stop running this company like a penny stock