Last C$0.28 CAD
Change Today +0.005 / 1.79%
Volume 613.7K
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As of 12:35 PM 04/23/14 All times are local (Market data is delayed by at least 15 minutes).

southern pacific resource co (STP) Snapshot

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52 Week High
10/9/13 - C$0.81
52 Week Low
12/11/13 - C$0.10
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southern pacific resource co (STP) 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 (STP) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$380.0K
Chief Financial Officer
Total Annual Compensation: C$267.5K
Chief Operating Officer
Total Annual Compensation: C$307.5K
Vice President of Land & Regulatory Affairs
Total Annual Compensation: C$215.0K
Vice President of Projects
Total Annual Compensation: C$195.0K
Compensation as of Fiscal Year 2013.

southern pacific resource co (STP) Key Developments

Southern Pacific Resource Corp. Announces New First Lien Term Loan Facility

Southern Pacific Resource Corp. has entered into a fully underwritten loan agreement with Credit Suisse AG and its affiliate for a new first lien term loan facility with an aggregate principal amount equal to the U.S. dollar equivalent amount of CAD 150,000,000. The new first lien loan will have a five year term with a maturity date on or about March 28, 2019 and will bear interest at LIBOR plus 10%. The new facility will replace its existing CAD 100,000,000 first lien credit facility which currently has a CAD 85,000,000 availability limit and matures on May 31, 2014. The new first lien term loan facility will be provided by a syndicate of institutional investors with Credit Suisse AG, and is expected to close and be funded on or about March 28, 2014, subject to customary closing conditions. Additionally, at the company's election, any optional prepayments upon the occurrence of a Change of Control shall be made at 102% of the principal amount.

Southern Pacific Improves Production Rates at STP-McKay with Inflow Control Devices

Southern Pacific Resource Corp. announced an operational update highlighted by continued positive results from its inflow control devices (ICD) recently installed into the 2P1 and 1P5 well pairs at its STP-McKay Thermal Project. Total Corporate Production: Total corporate production, which includes bitumen production from STP-McKay Phase 1 and heavy oil production from STP-Senlac, averaged 4,271 bbl/d ("barrels of oil per day") for the month of February. The production was split between STP-McKay (2,187 bbl/d) and STP-Senlac (2,084 bbl/d), representing a 12% increase from the prior month. STP-McKay Thermal Project: In January, a series of ICDs were installed into the 2P1 well pair at STP-McKay. 2P1 was subsequently placed back into steam assisted gravity drainage (SAGD) operation on January 21, 2014. The ICDs are designed to improve horizontal wellbore conformance by restricting vapour flow in 'hot spots' and encouraging liquid flow from other sections. Early results suggest this process has the potential to generate meaningful improvements in both production and the steam-to-oil ratio (SOR). In February, the 2P1 well pair averaged 695 bbl/d, an increase of 87% compared to 371 bbl/d in December, prior to the ICD installation. The SOR also improved to 2.8 in February from an average SOR of 4.1 over the previous six months. The well pair is currently testing in the field at bitumen rates between 700 bbl/d to 900 bbl/d with corresponding SORs of 2.8 to 2.1. These results make 2P1 the best producing well to date at STP-McKay and demonstrate a successful proof of concept of ICDs as a tool to accelerate SAGD conformance. The Company recently installed a second ICD configuration on 1P5, with the well pair returning to production on February 14, 2014. Initial response to the ICD installation has been strong with the 1P5 well pair already producing at over twice the fluid production rates in the months prior to the ICD installation. Downhole temperatures indicate that the ICDs are performing as expected, but the well pair requires more time to warm up now that the hotter sections are being restricted by the ICDs. This well pair was less conformed prior to ICD installation than 2P1, thus the Company expects the well pair will take longer to develop its peak rates than the 2P1 well pair. Based on success of the ICDs, the Company has begun planning to implement these configurations into other well pairs at STP-McKay. The entire ICD installation is estimated to cost approximately $1 million per well pair and will be implemented over the next several months.

Southern Pacific Resource Corp. Reports Earnings and Production Results for the Second Quarter Ended December 31, 2013

Southern Pacific Resource Corp. reported earnings and production results for the second quarter ended December 31, 2013. For the quarter, the company reported petroleum revenue, net of royalties of $29,107,000 compared with $12,124,000 for the same period last year. Production of heavy oil was 2,240 bbl/day compared to 2,542 bbl/day a year ago. Production of bitumen was 1,908 bbl/day. Production of heavy oil and bitumen was 4,418 bbl/day compared to 2,542 bbl/day a year ago. For the quarter, net loss was $16,871,000 or $0.04 basic and diluted per share compared with $5,600,000 or $0.01 basic and diluted per share for the same period last year. Cash used in operating activities before net changes in non-cash working capital was $3,287,000 or $0.01 per basic and diluted share compared with cash from operating activities before net changes in non-cash working capital $4,184,000 or $0.01 per basic and diluted share for the same period last year. Funds used in operations were $12,453,000 or $0.03 basic and diluted per share against funds from operations of $4,035,000 or $0.01 basic and diluted per share a year ago. Capital expenditures were $8,594,000 compared to $31,390,000 a year ago.


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