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Southern Pacific Provides Operational Update

Source: www.gulfoilandgas.com 4/11/2013, Location: North America

Southern Pacific Resource Corp. (“Southern Pacific” or the “Company”) provided an operational update with respect to the Company’s STP-McKay and STP-Senlac Thermal Projects.

Southern Pacific plans to continue to provide monthly operational updates to its shareholders, with the next update to occur on or about May 9, 2013, with the release of its fiscal Q3 2013 financial and operating results (quarter ending March 31, 2013). An updated corporate presentation is now available on Southern Pacific’s website at www.shpacific.com.

STP-McKay Thermal Project
March production averaged approximately 1,000 barrels of bitumen per day (bbl/d). Month-over-month production volumes were lower as a result of downtime from previously planned maintenance and from deliberate production restrictions on several steam-assisted gravity drainage (SAGD) well pairs. Daily volumes ranged from lows of 650 bbl/d while maintenance operations were conducted to highs of 1,300 bbl/d as wells were placed back into production.

Production restrictions were put in place through most of March on some of the well pairs in order to continue developing steam chamber conformance while protecting wellbore integrity. Southern Pacific expects these well pairs to be placed back into full SAGD production through April and May, as these adjustments were part of the overall reservoir management program aimed at optimizing long term rates and recovery.

Planned maintenance that was conducted in March included a routine inspection and clean out of both pads’ test and group separators, in addition to the replacement of failed thermocouple strings on four separate well pairs. To date, eight of the 12 well pairs have been converted to SAGD production. In the latter part of March an additional well pair was converted to full-time SAGD, bringing the total to five well pairs on full-time SAGD production. Of the remaining seven wells, three SAGD well pairs are periodically returned to circulation (semi-SAGD) and four wells remain in the steam circulation phase.

As the Company has previously stated, it is expected to take up to 18 months from first oil production, which commenced in mid-October 2012, for total rates to approach the 12,000 bbl/d design capacity.

STP-Senlac Thermal Project
Production at STP-Senlac averaged approximately 2,800 bbl/d for March, up approximately 15% from the prior month. The start-up of Pad K was initiated in January with circulation steaming in the first well pair. Permanent surface facilities were completed on March 4th. The first of three well pairs was placed on production on March 9th , with the next well pair scheduled for a mid-April start-up and the final well pair expected to start in June as capacity becomes available. The next planned phase of SAGD well pairs is expected to spud this fall following regulatory approval and be on production early 2014.

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