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03/27/14 - $0.33
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southern pacific resource co (STPJF) Details

Southern Pacific Resource Corp. engages 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 three sections of 100% owned lands and approximately two gross 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.

86 Employees
Last Reported Date: 09/25/14
Founded in 1953

southern pacific resource co (STPJF) Top Compensated Officers

President, Chief Executive Officer and Direct...
Total Annual Compensation: C$397.5K
Chief Financial Officer
Total Annual Compensation: C$280.5K
Vice President of Corporate Development
Total Annual Compensation: C$214.0K
Vice President of Land & Regulatory Affairs
Total Annual Compensation: C$224.5K
Compensation as of Fiscal Year 2014.

southern pacific resource co (STPJF) Key Developments

Southern Pacific Resource Considering Strategic Alternatives

Southern Pacific Resource Corp. (TSX:STP) has initiated a process to identify, examine and implement strategic and financial alternatives available to the company in order to address its liquidity and capital structure. Strategic and financial alternatives may include, but are not limited to, the sale of the company or all or a portion of its assets, recapitalization, debt restructuring or any combination thereof. RBC Capital Markets have been retained as the company's financial adviser to assist with this process.

Southern Pacific Resource Corp. Announces Financial and Operational Results for the Quarter Ended September 30, 2014

Southern Pacific Resource Corp. announced financial and operational results for the quarter ended September 30, 2014. Total company production, which includes bitumen production from STP-McKay Phase 1 and heavy oil from STP-Senlac, averaged 3,372 barrels per day (bbl/day) for the three months ended September 30, 2014. Heavy oil production was 1,408 bbl/d and bitumen production was 1,408 bbl/d. Total production was 3,372 boe/day. Petroleum revenue, net of royalties was $27,114,000. Cash from operating activities before net changes in non-cash working capital was $1,031,000. Funds from operations was negative $12,175,000 or $0.03 per basic and diluted share. Net loss was $28,959,000 or $0.07 per basic and diluted share. Operating netback was $3,595,000. Operating netback was $12.02 per boe.

Southern Pacific Resource Corp. Provides Operational Update

Southern Pacific Resource Corp. provided an operational update with respect to the Company's STP-McKay and STP-Senlac thermal projects. The Company has continued to focus on optimizing production from its STP-McKay Thermal Project and maintaining production from its STP-Senlac Thermal Project. The workover program scheduled for September and October at STP-McKay is now completed and all of the steam-assisted gravity drainage (SAGD) well pairs that were reconfigured are back on stream. In total, four well pairs had workovers successfully completed over the last few weeks. A fifth well pair originally considered for this program was deferred pending evaluation of results from the four recently reconfigured well pairs. Following is a brief description of each of the recently completed well pairs. The 2P2 well pair had inflow control devices installed into the producer and was put back in production on September 10th. The well pair is continuing to recover workover fluids and is slowly warming up. It is currently producing at about the rate it reached before the workover (250 bbl/d), however, there have not been any signs of a steam short circuit to date and it is expected the rate will continue to improve over the next several months as the well pair warms up in the areas that were previously unconformed. The 2P4 well pair had a steam splitter configuration deployed into the injector, with the purpose of isolating a steam short circuit near the heel section of the well pair that had restricted production in the pair since the well started up in December 2012. The pair has been on production since October 6th after a steam circulation period. To date, the workover appears to have been successful as there is no evidence of the previous steam short circuit at the heel. The toe section of the well pair is now being heated and it is expected that at least a month of heating will be required before meaningful SAGD bitumen production will be recorded from this well pair. The 1P6 well pair had ICDs installed into the producer and was placed back in production on October 16th. The ICD configuration was designed to control a steam short circuit near the toe of the well pair, and early indications are that the installation is performing as expected. The heel section of the producer needs to be heated however, so the well pair is being periodically flushed with steam to warm it up. It is expected to take at least a month for the heel section of the well pair to warm up and SAGD production begin to develop. The 1P2 well pair had ICDs installed into the producer and has been placed into steam circulation on October 14th. This well pair had been shut-in for over a year while the company evaluated options to control a steam short circuit that had developed near the toe of the well pair. The well pair will have to be warmed up for approximately four to six weeks before it can be placed on SAGD production. Given consistent production from the 2P6 well pair, the Company has elected to delay the ICD installation on this pair pending evaluation of some alternate proposals. The well pair currently runs in steady SAGD and produces approximately 200 bbl/d, but the production mainly comes from the heel section of the 1,100 m long horizontal well pair. The Company is evaluating several techniques to improve conformance near the toe. The STP-McKay field now has six of its well pairs equipped with ICDs. The Company believes three to five additional well pairs may be suitable for an ICD installation at a later date, but will continue to monitor the results of the existing ICD installations before making that decision. Three of the four recent workovers were completed on well pairs which had not produced at meaningful rates prior to the recent workovers. These well pairs should now be able to continue development of a better conformed steam chamber which will allow for rate increases as the chamber evolves. It is expected to take several months before meaningful incremental production from these new workovers is steadily maintained. In the meantime, the Company continues to produce all of its well pairs as effectively as possible. The field estimated production rate for October at STP-McKay is approximately 2,000 bbl/d. Operations continue to run steady at STP-Senlac with the exception of one pump replacement on a Phase K well pair that was successfully replaced in September. The current estimated field production rate at STP-Senlac is between 1,300 and 1,400 bbl/d.


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