Bullboard - Stock Discussion Forum 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... see more

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Southern Pacific Resource Corp > Notice from the Receiver

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Post by birdie22 on Jun 15, 2015 7:09pm

Notice from the Receiver

See Notice from the Receiver.

https://www.pwc.com/en_CA/CA/car/stp/assets/stp-048_061515.pdf

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Comment by Pandora on Jun 15, 2015 7:38pm

Well it looks like assets worth $500 million and creditors worth almost $600 million so you know where shareholders fit .... last on the list and nothing is available. Another Venture Exchange bust. Who will be on the list to hire Lutes, Bollinger and Beatty - an experienced SAGD team!

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Comment by monzie on Jun 15, 2015 9:36pm

I wonder what this means for debenture holders

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Comment by nikehercules on Jun 15, 2015 10:18pm

What does it mean for the second lien???? Looks like RBC is annoyed they won't be paid for running the SISP. https://www.pwc.com/en_CA/CA/car/stp/assets/stp-033_060115.pdf According to this the "Best Proposal" will be accepted by Credit Suisse and RBC wants to get paid. In the latest monitor's report (see page 10), the "Best Proposal" doesn't even cover what the ...more

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Comment by monzie on Jun 16, 2015 12:37pm

True enough. I for one am glad RBC is getting the shaft. They had two years and came up with nothing, even when oil was a hundred bucks they were useless. Oh well.

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Southern Pacific Resource Corp