Southern Pacific Announces Commencement of Winter Exploration Program
December 06 2007 - 8:15AM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: STP) is pleased to announce that
it has commenced its winter exploration program. The planned 17 km
3D seismic program at Leismer was started yesterday; this program
was the follow up to the Corporation's successful initial drilling
which was completed during the prior winter season. The 3D seismic
information will help the Corporation identify its drilling
locations for this winter, and thereby further delineate future
potential SAGD operations.
In addition to the Leismer 3D program the Corporation has begun
the 2D seismic program at its Kirby property. It is anticipated
that approximately 88 kms of seismic will be completed in December
and the interpretation of the seismic will be completed in
sufficient time to complete the core drilling program at Kirby this
winter.
The core drilling program in the four other areas, being
Leismer, Mackay, Hangingstone and Long Lake are set to begin within
the next two to three weeks. The 550 km 2D seismic program was
completed this fall and has now been interpreted and numerous
anomalies have been identified. These anomalies are the basis for
drilling locations that have been high graded for the initial core
holes. The Corporation has contracted seven coring rigs and has
finalized the schedule to ensure all core areas are evaluated this
winter.
With the recently completed financing, the Corporation has
sufficient working capital to complete its winter exploration
program and to continue to pursue additional land positions.
Southern Pacific is also pleased to announce that it has
retained McDaniel & Associates Consultants Ltd. ("McDaniel") as
its independent engineering firm. McDaniel will prepare an
evaluation of the properties held by the Corporation once it has
completed it winter exploration program, which includes the 2D and
3D seismic program and its planned 115 core well program.
About Southern Pacific
The Corporation currently holds an 80% working interest in 219
sections in five core areas. The previous evaluation work on the
areas has allowed the Corporation to record probable reserves of
approximately 92.6 million barrels and possible reserves of
approximately 65.8 million barrels and best case contingent
resources of 689 million recoverable barrels.
Safe Harbour
Statements in this press release may contain forward-looking
information including expectations of future 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.
The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted,
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the company.
These risks include, but are not limited to, the risks associated
with the oil and gas industry, commodity prices, exchange rate
changes, and tax treatment of the flow-through common shares.
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, competition, volatility of oil and gas prices,
health and safety risks and the uncertainty of estimates and
projections of production, changes in the royalty regime,
environmental regulation, costs and expenses. The reader is
cautioned not to place undue reliance on this forward-looking
information.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Southern Pacific Resource Corp. Dave Antony, CEO (403)
269-5219 (Calgary, Alberta) Email: dantony@shpacific.com Website:
www.shpacific.com
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