* working capital of $0.12 per share with no LT debt
* multiple light oil well drilling locations in Viewfield, SK
* carried interests with no drilling costs
* natural gas at Pembina – 10-12 additional locations identified
Sorry I missed your message. I'm sure it was supportive.
Perhaps if you put more positive information out, you would get the public acknowledgement of your brilliance that you apparently seek.
There are several reasons to post on a message board. My main theme is to share information. I post on several boards and share as much information as I can because I benefit from feedback and critiques of my posts. I also get recommendations from others. It's a win/win situation.
Good luck. Bobwins
Bobwins
Posted: Tue Jun 1 7:29:16 2010
stp.v C$1 Quality hire as STP moves their main tar sands projects towards construction.
SOUTHERN PACIFIC HIRES CHIEF OPERATING OFFICER
CALGARY, ALBERTA, Jun 01, 2010 (MARKETWIRE via COMTEX News Network) --
Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX VENTURE: STP) is pleased to announce that Mr. Ron Clarke has agreed to join the Company as Chief Operating Officer. This new position reflects Southern Pacific's advanced preparations for construction of its first oil sands project in McKay, Alberta. Project approval is expected by the end of the summer.
Mr. Clarke is a professional engineer who worked with Suncor Energy Inc. for more than 26 years in many facets of the bitumen, oil and natural gas business in Western Canada. He has spent the past three years working on Suncor's Firebag steam-assisted gravity drainage (SAGD) project, serving most recently as General Manager of the Firebag Asset Team. Mr. Clarke led the reservoir, geology and production engineering activities for both the base assets and the resource development strategy. Prior to this position, Mr. Clarke was the General Manager of Field Operations in Firebag where he led the well and gathering system operations of the commercial SAGD project. Mr. Clarke has held several other production and operational management positions over his career.
"We are extremely pleased to have someone with the background of Ron join our team," said Byron Lutes, President and CEO of the Company. "His experience in SAGD operations and management skills will be a valuable asset to Southern Pacific as we prepare to begin the construction and operation of our first SAGD project in the Athabasca oil sands, the STP-McKay Thermal Project." The Company expects approval of this project by the end of August 2010, with construction commencing in the fall of 2010.
In conjunction with Mr. Clarke's acceptance of employment, Southern Pacific has granted him 500,000 options to purchase shares of the Company at $1.02 per common share. This represents the closing price of Southern Pacific's shares on May 25, 2010. The options expire on May 25, 2015.
About Southern Pacific
Southern Pacific Resource Corp. is engaged in the exploration and development of oil sands in the Athabasca region of Alberta and currently produces thermal heavy oil production of approximately 4,500 barrels per day of heavy oil in Senlac, Saskatchewan.
Advisory
bentad
Posted: Thu May 20 16:31:56 2010
broke in canada- your reply is simply not true. I check bobwins messages daily.Every friday i check bobwin's holdings in the weekly contest, particularly for his monthly transactions. I have used his selections quite profitably
Broke in Canada
Posted: Thu May 20 13:56:58 2010
Removed by administration.
Bobwins
Posted: Thu May 20 10:16:44 2010
STP.v continues to lose ground as oil plumments -.04 to C$.91.
I bought a few more yesterday at .94. Guess I should have waited. Expect good numbers for Q1 but recent dilution will lower eps going forward. Had to do it and still should be profitable.
Bobwins
Posted: Tue Apr 27 8:10:04 2010
STP.v +.05 to C$1.30 huge volume at 6.2 million shares traded. This is a big dilution but should be the end of equity funding for their second tar sand SAGD project. Debt will used for the remainder. STP.v is moving steadily towards tar sands production while generating 4400bpd of profitable heavy oil production at Senlac.
Southern Pacific Resource Corp. Announces C$100 Million Bought Deal Equity Offering; Proceeds Expected to Complete Equity Funding for STP-McKay Thermal Project
CALGARY, ALBERTA, Apr 27, 2010 (Marketwire via COMTEX News Network) --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Southern Pacific Resource Corp. ("Southern Pacific" or the "Corporation") (TSX VENTURE:STP) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by BMO Capital Markets and TD Securities Inc., and including Raymond James Ltd., RBC Dominion Securities Inc., Canaccord Financial Ltd., Acumen Capital Finance Partners Limited and Byron Securities Limited (the "Underwriters") to sell, on a "bought deal" basis, 84,000,000 common shares of the Corporation at a price of $1.20 per common share for gross proceeds of $100.8 million. In addition, the Corporation has granted the Underwriters an over-allotment option to acquire up to an additional 12,600,000 common shares at a price of $1.20 per common share. This option is exercisable, in whole or in part, by the Underwriters, in their sole discretion, at any time up to 30 days after the closing date. If the over-allotment option is exercised in full, additional gross proceeds will be $15.12 million for total gross proceeds of $115.92 million. The offering will be made in the provinces of Canada (other than Quebec) by way of short form prospectus. The offering is scheduled to close on or about May 18, 2010.
Southern Pacific expects to use the net proceeds of this offering to complete the equity funding portion for the Corporation's second steam assisted gravity drainage (SAGD) project, the STP-McKay Thermal Project. After careful consideration of advice offered from its banks, the Corporation expects to fund the remaining portion of the STP-McKay Thermal Project through available debt financing options, which include project financing debt and public or private market debt. The Corporation has already begun the process of securing these debt facilities and expects them to be completed upon regulatory approval of the STP-McKay project, which is expected to occur before August 31, 2010.
Readers' Advisory
Increase in reserves at Senlac heavy oil field. The big takeaway is that Senlac is producing significant amts of oil at 4200-4400bpd. They earned .04eps last qtr so it's still selling for less than 10X earnings while you wait for their three tar sands licenses to get approved. There are reserves in both heavy oil and tar sands backing up the share price.
Bobwins
Posted: Sat Apr 17 9:42:21 2010
stp.v C$1.28
Southern Pacific raised to strong buy and $3.75 target by Guy Gordon, Byron Capital
http://watch.bnn.ca/#clip285573
Bobwins
Posted: Fri Mar 5 11:13:40 2010
I bought some STP yesterday. I used to own it a few years ago when jr tar sands stocks were hot. Made some good profits on it then. They have continued to proceed towards licensing their projects and have applied for licensing but don't have financing arranged.
They released a good earnings report recently that showed eps of .04 and cashflow of .06/share.
They acquired a heavy oil producer that is generating around 4,000bpd of heavy oil.
The hidden gem is that they only reported two months of revs. This qtr should have a full 3 qtrs of revs and cashflow.
STP.v is cheap on a price to cashflow basis and very cheap on a $$$/boe of resource.
I bought some yesterday at 1.03 and more today at 1.11. Big volume today so not a secret. Most of the tar sand stocks require that you hold for the eventual production but this one will be profitable while you wait for the regulators to approve their projects. The cashflow will also help minimize the inevitable dilution when they finance their new projects.
As long as oil stays near $80, this should be a big winner.
