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Southern Pacific Resource Corp (TSX STP) added Mar 29, 2010 is engaged in the exploration and development of in-situ oil sands in the Athabasca oil sands region of Alberta, and the thermal production of approximately 5,000 barrels per day of heavy oil in Senlac, Saskatchewan. The Corporation has an average 84 % working interest in 269 sections of Alberta’s oil sands. The productive zone is the McMurray Formation, consisting primarily of fluvial and estuarine channel sandstones which form the main bitumen deposits. On May 29, 2009, Southern Pacific filed an application for a 12,000 barrel per day (bbl/d) commercial steam-assisted gravity drainage (SAGD) oil sands project on its McKay block. Once approved and constructed, the STP-McKay Project is expected to produce between 10,000 and 12,000 bbl/d of bitumen for at least 30 years. The approval process takes approximately 12 to 15 months, during which time Southern Pacific plans to secure project financing and begin detailed engineering and long lead equipment procurement. Southern Pacific is well positioned for growth with five additional prospect areas: Hangingstone West, Leismer South, Kirby, Long Lake and MacKenzie. The Corporation’s strategy is to bring its STP-McKay Project to the point of production as quickly and efficiently as possible. The cash flow from Senlac and the STP McKay Project will then be used to fund growth into Southern Pacific’s other oil sands leases.
Recent News: Southern Pacific Reports Record Cash Flow of $13 Million for the Quarter Ended March 31, 2010
SOUTHERN PACIFIC REPORTS INCREASED HEAVY OIL RESERVES AT
SENLAC
Southern Pacific Earns $7 Million for the Quarter Ended December 31, 2009
Jeff Meunier ....... TD Newcrest……June 02, 2010 Maintained BUY Target $1.60C STP Price day before: $1.00 Finish day of posting:$1.06Current:$1.03 -----May 19, 2010------ Maintained BUY Target $1.60C STP Price day before: $1.00 Finish day of posting:$0.95Current:$1.03 ----Apr 15, 2010----- New BUY Target $1.60C STP Price day before: $1.32 Finish day of posting:$1.28Current:$1.03 ************ Richard Wyman ....... Canaccord/Genuity……May 19, 2010 Maintained BUY Target reduced to $2.05 from 2.50C STP Price day before: $1.00 Finish day of posting:$0.95Current:$1.03 ------Apr 27, 2010------- Maintained BUY Target raised to $2.50 from $2.05C STP Price day before: $1.25 Finish day of posting:$1.25Current:$1.03 -------Mar 29, 2010--------- Maintained BUY Target raised to $2.05 from $1.50C STP Price day before: $1.06 Finish day of posting:$1.17Current:$1.03 ************ Randy Ollenberger ....... BMO Capital Markets……Mar 29, 2010 Maintained OUTPERFORM Target raised to $1.50 from $1.20C STP Price day before: $1.06 Finish day of posting:$1.17Current:$1.03 ************ Justin Bouchard ....... Raymond James……Mar 29, 2010 Maintained STRONG BUY Target raised to $2.50 from $2.00C STP Price day before: $1.06 Finish day of posting:$1.17Current:$1.03 ************ Guy Gordon ....... Byron Capital Markets ……Feb 23, 2010 Maintained BUY Target $2.50C STP Price day before: $0.90 Finish day of posting:$0.86Current:$1.03
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