Southern Pacific Hires New President and Begins Winter Drilling Program
January 07 2008 - 5:38PM
Marketwired
CALGARY, ALBERTA (TSX VENTURE: STP) is pleased to announce that
Mr. Byron Lutes has joined as President of the Corporation.
Mr. Lutes is a professional Engineer with over 21 years of
experience in the Western Canadian oil and gas industry. He has a
diverse range of experience that includes operations, engineering,
marketing, acquisitions and divestments. Mr. Lutes has held senior
management positions for the past 10 years over which time he has
built and managed several successful engineering departments. "We
are very excited about having someone with the background of Byron
join us, to assist Southern Pacific to continue to build the
technical team we need to move our projects forward" stated Dave
Antony, CEO of the corporation.
As well, the Corporation is pleased to announce that it has
begun its winter drilling program. It has undertaken an aggressive
exploration and evaluation program for the current year, which
includes a planned drilling program of up to 120 core holes. These
evaluation core holes will be spaced throughout all five of the
Corporations core areas. When the program is fully operational, it
is expected that seven coring rigs will be active.
The Corporation has also approved the granting of an additional
2,870,000 stock options to various directors, officers and key
consultants. Of this amount 2,150,000 were issued to various
directors and officers of the Corporation. The options will be
granted at an exercise price of $1.90 per Common Share and expire
on January 6, 2013. The Corporation has determined that exemptions
from the various requirements of TSX Venture Exchange Policy 5.9
are available for the granting of the options.
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 and exchange rate
changes. 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. 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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