Southern Pacific Resource Corp STPJF

July production out of McKay

[ShatnersRug]

2062.4 bbl/d

[CommunityMind]

CALGARY, ALBERTA--(Marketwired - Sept. 11, 2013) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) today announced its financial and operational results for the year ended June 30, 2013 and provided an operational update for the month of August 2013. OVERALL PERFORMANCE HIGHLIGHTS Total Company production including the capitalized

[monzie]

Thanks for the breaking news shat.  They only announced the July numbers 2 weeks ago but hey way to keep us up to date pal. Posting last year's results under a different name was a nice touch too, carry on with your agenda.  I can't wait to see you start pumping this stock again in a couple of months when you start accumulating shares. You do crack me up tho, I'll give you

[ShatnersRug]

You're right. July numbers were presented in the last NR. Honestly, I hadn't the fact because I'm not following the company with the same intensity as a few months back. Incidentally, I'm beginning to realize why some messageboarders rate all of your posts a '1'. You don't need to be a d*ck. And I'll only mention things about STP if there's something positive to

[rad10]

Monzie / Shat - you are both good contributors.  Losing money sucks - but several plays have done well recently so it is all a balance.  The negative posts are useful too - providing they are fact based.  I certainly had to dust off my abacus after Shat's update a week ago. A recapitalisation or a buyout seems inevitable.  Lets wait and see what the production numbers look

[ShatnersRug]

Indeed, rad10. Aces on all points.

[freedom45]

If u sold Senlac for the value of the first lein CS loan and eliminated the debt what would be the down/upside ?

[edmbonds]

You end up with an EV/BOEPD that is way too high at 2062 BOEP and probably OK at 3500 BOEP.

[edmbonds]

Rad - you do realize that equity has to go zero before the debentures and 2nd lien note holders will accept a haircut, right?  Or are you suggesting that STP use cash flow or somehow obtain new funds to buy back debt in the secondary market?

[rad10]

Absolutely - we saw what happened to Aspenleaf's proposal a couple of weeks ago with the failed run at Arcan.  Debenture holders not prepared to throw equity holders a bone - and the deal was comprehensively rejected by all stakeholders.   Things are a little more desperate at STP - a similarly structured offer might be received differently................. 

[ShatnersRug]

Careful there, rad. Don't post anything with any hint of negativity. Monzie will accuse you of being me.

[monzie]

Actually shat I was calling you on your bullshat, like I have done in the past.  Has nothing to do with whether you make a negative comment about the company.  it's the way in which you do it. You claim you didn't know about the production numbers in the NR because you don't follow the company as much as you used to and that's why you rehashed two week old news today, yet

[monzie]

That's just it rad, stakeholder mentality is different with certain companies.  Back to my Yellow Pages example, the debtholders didn't even get paid in full - and everyone from debtholders, debenture holders, preferred stock holders to common stockholders received something.  There was some protest from one of the lenders/banks (can't remember who), and the debentures

[edmbonds]

The mentality is not different, the circumstances are.  All stakeholders want to maximize he value of their positions all of the time.  Sometimes this means being a bit strategic. Yes, the common equity got holder got something with YP ... but that something was half a new share for every 100 existing shares plus a 1/4 of a warrant.  That is almost zero monzie. Equity has a hope

[monzie]

Yes edmbonds it was almost nothing (so is the current stock price of STP), but it was still something and it still worked out to be more than what the stock was trading for at the time, not to mention the fact that those who held on for another year ended up getting about 6 times the value of that offer.  So yeah if you held on from when it was 8 dollar or even a dollar then yeah you pretty

[rad10]

Fair points monzie - the 2064 bbl/d is still a 10% increase from the year before with all of the experimenting and tinkering etc.  I am not ready to throw in the towel.  

[edmbonds]

You're conceptually correct (return depends on price paid) and factually wrong (Yellow Pages equity was not a good risk/reward even at the bottom).   If you paid 12c each for 200 shares of Yellow Media before the recapitalization, you paid $24.  That gave you 1 share and 0.57 warrants after the recap.  Today the shares closed at $17.06 and the warrants at $4.  So your $24

[monzie]

Yes ebmonds but at the one year mark, which is why I said if you held on to it for a year (we're now at a year and nine months since the restructuring), it was over $20/share - end of Dec. and was around $25 for most of Feb and March of this year.  The warrants are similar in that at the one year mark they were around $7 and were around $9 for most of Feb and March as well. But you're

[edmbonds]

Cherry pick much?  If you played it perfectly, Yellow Pages was fantastic.  Most people got killed.

[ShatnersRug]

Your feathers are all ruffled because I posted July's production numbers? I'll tell you WHY I posted them. I receive an excel spreadsheet from the AER every month delineating production numbers from various oil producers. It became available to me as of yesterday afternoon. Those that are subscribed to any AER subscription know what I am referring to. The only prod number I remembered

[monzie]

Your use of sporadic capital letters implies that your feathers are the ones that are ruffled.  Have a great weekend shat. 

[farmerman]

With wells shut in in July that were producing, 2 wells with zip for production and 3 icd's at 860 bpd for a total of 2000 barrels I am impressed The would have 3 wells shut in for sure if average production was 150 bpd for them thats a c-hair from B/E right there.... where one had been higher (900bpd) and fell back along with the installs going on now I suspect B/E at 2500 bpd will occur by

[freedom45]

yep, that's basically my thought process (or wish when I rubbed the GENIE lantern). My problem right now is when to pull the buy trigger as I want to ensure this time I have it right !! Hate to be a 3 time loser on my confidence in management. IF they get it right this time and remembering this is now a penny stock play, there will be many wealthy investors made. Sucks to be me and many other

[CommunityMind]

I posted last years production to add extra information to Shat's post. The intent is to show the facts. I think Lutes comment in the last NR about a 60% production increase is really missleading. When you look at past production, the numbers show an overall decline. On another note, I would love to know what caused the production spike back in Feb-March. If only the engineers could've

[namlous]

It was a 60% increase for those 3 wells since the icds were installed. Not total production.since feb they have shut in wells until icds are installed. I would like to know how much if any they have held the 3 wells back. Since they were reported to reach 900 barrels on just 1 well. I hope they can get them back to that.

[Duxing]

They got 900 at the first place just because they were lot of oil in the well and they could not get them out because of well short circuit. Once ice was installed, they quickly got those oil out and reached 900bpd. However, such number was not sustainable, and production dropped to a reasonable range, but it was still much better than pre icd installation. Icd works, but stp can never reach

[wdr2]

iF stp CAN'T MAKE IT ON THESE NUMBERS THEN SOMETHING IS REALLY WRONG.mIGHT WANRT TO CHECK HOW MUCH IS BEING SKIMMED OFF THE TOP. WDR2

[rad10]

We know it will get worse before it gets better - rightly or wrongly they have taken a very cautious approach with the fine tuning of the ICDs.