Southern Pacific Resource announced that the Company's First Lien Term Loan Creditors have filed an application with the Court of Queen's Bench of Alberta to place the Company into Receivership and appoint a Receiver to manage the Company's affairs. PwC Canada had been appointed by the Court as monitor under the existing CCAA proceedings and has [...]
Southern Pacific Resource is making plans to hibernate the STP-McKay facility by the end of July, 2015. The hibernation plans are thorough and are intended to enable preservation of the assets for an extended period, if required. With the current low priced crude market the property continues to generate negative cash flow and thus this measure was [...]
Further to the news release issued on February 11, 2015, Southern Pacific Resource Corp. announces that the Alberta Securities Commission issued a cease trade order against the Corporation effective February 20, 2015 for failing to file interim financial statements, management's discussion and analysis and interim certifications for the period [...]
Southern Pacific Resource Corp. is a thermal heavy oil and bitumen producer based in Calgary, Alberta. Southern Pacific has initiated a process to solicit proposals to: 1) acquire the Company and its assets; or 2) acquire some or all of the assets of the Company; or 3) make an investment to recapitalize and restructure the debt of the Company [...]
Southern Pacific Resource Corp. announces today that it will not be filing the interim financial statements and management discussion and analysis for the three and six months ended December 31, 2014 and related disclosures, which are due February 13, 2015. The Company's failure to file its Quarterly Disclosure will result in the issuance of a [...]
DELISTING REVIEW Southern Pacific Resource Corp. – Further to TSX Bulletin 2015-0052 dated January 22, 2015, TSX has determined to delist the common shares and debentures (Symbols: STP and STP.DB) (collectively, the "Securities") of the Company at the close of business on February 27, 2015 for failure to meet the continued listing requirements of [...]
DELISTING REVIEW Southern Pacific Resource Corp. – Further to Bulletin #2015-0029 dated January 15, 2015 TSX is now reviewing the Common Shares and Debentures (Symbols: STP and STP.DB) of the Company with respect to meeting the requirements for continued listing pursuant to the Expedited Review Process. The Securities are suspended from trading [...]
Southern Pacific Resource Corp. announces today that it and certain of its subsidiaries, Southern Pacific Energy Ltd., 1614789 Alberta Ltd., 1717712 Alberta Ltd. and Southern Pacific Resource Partnership have obtained creditor protection under the Companies' Creditors Arrangement Act (Canada) pursuant to an Order granted on January 21, 2015 by the [...]
Southern Pacific Resource Corp. announced today that it has received notification from the TSX stating that the TSX is currently reviewing the eligibility of the Company for continued listing of its Common Shares and Debentures on the TSX. The TSX is evaluating the Company with respect to the following requirements: (i) its financial condition and [...]
DELISTING REVIEW Southern Pacific Resource Corp. – TSX is reviewing the Common Shares and Debentures (Symbols: STP and STP.DB) of the Company with respect to meeting the continued listing requirements. The Company has been granted 120 days in which to regain compliance with these requirements, pursuant to the Remedial Review Process. About TMX [...]
Southern Pacific Resource Corp.'s Board of Directors has been engaged in a strategic review process with RBC Capital Markets, its financial advisor, to devise and implement a strategy to address the Company's liquidity and financing requirements and improve its capital structure. Strategic and financial alternatives under consideration are focused [...]
Southern Pacific Resource Corp. today announced that its Board of Directors has initiated a process to identify, examine and implement strategic and financial alternatives available to the Company in order to address its liquidity and capital structure. Strategic and financial alternatives may include, but are not limited to, the sale of the [...]
