Southern Pacific Strengthens Board
September 28 2009 - 9:00AM
Marketwired
Southern Pacific Resource Corp. ("Southern Pacific" or the
"Corporation")(TSX VENTURE: STP) is pleased to announce that Mr.
Sid Dykstra has agreed to join the Board of Directors of the
Corporation. Mr Dykstra brings a wealth of experience and knowledge
in the oil sands industry and is a welcome addition to the Board.
Mr. Dykstra was the President and Chief Executive Officer of
OPTI Canada Inc. from June 2001 until April 2009. During this
period OPTI initiated, financed and developed the OPTI/Nexen Long
Lake project. From June 2000 to March 2001, Mr. Dykstra was the
President of Hunt Oil Company of Canada Inc. Mr. Dykstra, a
co-founder of Newport Petroleum Corporation, was the President and
Chief Operating Officer of Newport from 1997 to 2000, the Executive
Vice President of Newport from 1994 to 1997 and the Vice President,
Engineering of Newport from 1992 to 1994. From 1980 to 1992, Mr.
Dykstra held various positions with Suncor, Inc., was the Manager
of exploitation for Pancontinental Oil Ltd. and was an independent
consultant with Maranta Resources Ltd.
Mr. Dykstra is currently a director of Cinch Energy Corp. and is
a past Governor of the Canadian Association of Petroleum Producers.
Mr. Dykstra is a professional engineer in Alberta and holds
numerous professional affiliations and memberships.
He holds a B.Sc. in chemical engineering from the University of
Alberta and an M.B.A. from Queen's University.
Mr. Dykstra will be added to the proposed slate of directors at
the Corporation's annual general meeting, which will occur in
November. Until that time, Mr. Dykstra will assist the Corporation
in an advisory role.
Operations Update
The Corporation continues to make significant progress on its
key project, STPMcKay. The Corporation has recently completed its
detailed project execution plan, which completes the engineering
and project management requirements needed to move forward with
project financing. As part of the execution plan, the estimated
capital costs have been reviewed and updated, which has resulted in
an overall net reduction in the capital costs required for the
development of the 12,000 barrel/day project. The application for
the project has been under review by the Alberta regulatory
agencies for almost three months, and to date, no serious concerns
or deficiencies have been identified. The Corporation is currently
in the process of evaluating the various financing options
available for the STP-McKay project and expects to be able to make
some decisions on the options later this fall. In addition,
Southern Pacific is preparing for an exploration program at its
Hangingstone project area, to be conducted this winter.
Hangingstone is one of the six blocks of land held by the
Corporation on which seismic and initial core hole drilling was
completed in 2008. With the STP-McKay project well underway, the
Corporation is ready to continue with the work required in order to
have a second project application identified and moving towards
commerciality.
A more detailed review of the land areas and the future plans of
the Corporation are available in a new corporate presentation
available on the company website.
Readers' Advisory
Safe Harbour
This news release contains certain "forward-looking information"
within the meaning of such statements under applicable securities
law including estimates as to: future production, operations,
operating costs, commodity prices, administrative costs, commodity
price risk management activity, acquisitions and dispositions,
capital spending, access to credit facilities, income and oil
taxes, regulatory changes, and other components of cash flow and
earnings anticipated discovery of commercial volumes of bitumen,
the timeline for the achievement of anticipated exploration,
anticipated results from the current drilling program and, subject
to regulatory approval and commercial factors, the commencement or
approval of any SAGD project.
Forward-looking information is frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "may", "will", "potential", "proposed"
and other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the
exploration and development of conventional oil and gas properties
and of oil sands properties, difficulties or delays in start-up
operations, the uncertainties involved in interpreting drilling
results and other geological data, fluctuating oil prices, the
possibility of unanticipated costs and expenses, uncertainties
relating to the availability and costs of financing needed in the
future and other factors including unforeseen delays. As an oil
sands enterprise in the development stage, with some conventional
production Southern Pacific faces risks including those associated
with exploration, development, start-up, approvals and the
continuing ability to access sufficient capital from external
sources if required. Actual timelines associated may vary from
those anticipated in this news release and such variations may be
material. Industry related risks could include, but are not limited
to, operational risks in exploration, development and production,
delays or changes in plans, risks associated to the uncertainty of
reserve estimates, health and safety risks and the uncertainty of
estimates and projections of production, costs and expenses. For a
description of the risks and uncertainties facing Southern Pacific
and its business and affairs, readers should refer to Southern
Pacific's most recent Annual Information Form. Southern Pacific
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change,
unless required by law.
The reader is cautioned not to place undue reliance on this
forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Southern Pacific Resource Corp. Byron Lutes President
& CEO 403-269-1529 blutes@shpacific.com Southern Pacific
Resource Corp. Dave Antony Chairman 403-269-5219
dantony@shpacific.com www.shpacific.com
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