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southern pacific resource co (3S2) Snapshot

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10/10/13 - €0.57
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09/12/14 - €0.01
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southern pacific resource co (3S2) Details

Southern Pacific Resource Corp. is engaged in the development, exploration, and production of in-situ oil sands and heavy oil properties in Western Canada. The company primarily holds 100 % working interests in STP-McKay oil sands leases covering approximately 59 sections or 37,760 net acres of oil sands leases located in the Athabasca oil sands in north-eastern Alberta; and STP-Senlac thermal heavy oil asset that includes 3 sections of 100% owned lands and approximately 2 net sections of other lands located to the west of Unity, Saskatchewan. The company was formerly known as Southern Pacific Development Corp. and changed its name to Southern Pacific Resource Corp. in March 2006. Southern Pacific Resource Corp. was incorporated in 1953 and is headquartered in Calgary, Canada.

117 Employees
Last Reported Date: 09/11/13
Founded in 1953

southern pacific resource co (3S2) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$380.0K
Chief Financial Officer
Total Annual Compensation: C$267.5K
Vice President of Land & Regulatory Affairs
Total Annual Compensation: C$215.0K
Compensation as of Fiscal Year 2013.

southern pacific resource co (3S2) Key Developments

Southern Pacific Resource Corp. Announces Executive Changes

Southern Pacific Resource Corp. announced that its vice-president of projects, Mike O'Krancy, had resigned and its chief operating officer, Ron Clarke, is retiring.

Southern Pacific Resource Concludes Strategic Review

Southern Pacific Resource Corp. (TSX:STP) announced the conclusion of its strategic review process. In March 2014, as part of the strategic review process, the company completed the addition of a new first lien debt facility, replacing the then existing facility which improved Southern Pacific's current liquidity. The consideration of other strategic alternatives aimed at maximizing stakeholder value was also fully explored. During the strategic review process, proposals were received and the strategic review process was extended longer than expected in order to fully explore the proposals. However, it was determined by the company's Board of Directors that none of the proposals received were acceptable and it was further concluded that the current best alternative for all stakeholders is to continue with the development of the company's existing assets, initially focused on increasing production rates at STP-McKay. With the strategic process concluded, Southern Pacific has reduced its number of employees to reflect a narrower focus but will be staffed appropriately to continue its base of operations and near-term development. The immediate development plan will be to continue with walkovers aimed at improving productivity from the SAGD well pairs at STP-McKay.

Southern Pacific Installs Third ICD Configuration at STP-McKay and Provides Update on Pad 102 Downspacing

Southern Pacific Resource Corp. has completed another Inflow Control Device (ICD) installation on one of its SAGD well pairs at the STP-McKay Thermal Project. The ICDs were installed on the 2P5 well pair, making this the third well pair of the 12 existing well pairs equipped with these devices. The 2P5 well pair was shut-in for 14 days to cool off and complete the workover; it was placed back on production on June 10. The ICD system is intended to improve wellbore conformance in a two part process. First, the horizontal producer length is segmented with isolation packers and second, the ICD devices are installed into the segments which are designed to restrict the inflow of steam from short circuits, thus allowing other sections of the wellbore to produce without having to rate restrict the entire well pair. Southern Pacific has plans to install additional ICD configurations into more of the well pairs at McKay. The exact timing around future ICD installation is subject to further clarity on the Company's ongoing strategic alternatives process announced in December 2013, but it is expected that further installations will be completed over the next three months. Southern Pacific also has continued to advance its regulatory application to downspace the existing McKay well pads with additional SAGD well pairs.


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