STP Southern Pacific Resource Corp.

Southern Pacific Resource Corp. ("Southern Pacific" or the "Corporation") (TSX
VENTURE:STP) is pleased to provide additional information on the recently
announced (October 9th,2009) acquisition of steam assisted gravity drainage
("SAGD") producing heavy oil interests ("the Senlac Acquisition"). These assets
have averaged a daily oil production rate of 5,000 barrels per day ("bbl/d")
since June 1, 2009, which is the effective date of the acquisition. The
acquisition is expected to close on or about November 2nd, 2009 with a net
acquisition price of about $90 million.


The Senlac Acquisition will dramatically alter Southern Pacific by adding
facilities, operations, relevant experience and significant cash flow, all of
which will directly complement the existing oil sands assets of the Corporation.
The Senlac Acquisition has produced more than 13 million barrels of heavy oil
using SAGD technology over the past 12 years and the Corporation expects a
remaining projected life of approximately 15 years. The assets are currently
producing more than 6,000 bbl/d. Southern Pacific expects to continue the
development of the Senlac Acquisition by drilling additional SAGD well pairs
throughout the remaining project life.


The netbacks for the SAGD heavy oil produced at Senlac are typically better than
netbacks from SAGD projects in the Athabasca oil sands. The oil is lighter, and
requires less steam to mobilize the oil; the current steam/oil ratio for the
project is currently below2.0 bbl/bbl. The 12-13 degree API oil also requires
less diluent for blending.


The estimated cashflow over the twelve months following the close of the Senlac
Acquisition is expected to be in excess of $51 million, which post financing
equates to approximately $0.23 per share. With this level of cashflow, based
upon the forward strip price for WTI, the payback on the acquisition is expected
to take less than two years.


This cashflow will be utilized to:

-  advance the Corporation's STP-McKay project, which has been designed to
recover 12,000 bbl/d (9,600 bbl/d net to the Corporation at an 80% working
interest) 


-  fund the upcoming winter's exploration core hole programs at Hangingstone and
McKay South 


-  fund the next phase of development at Senlac 

Southern Pacific has posted a new presentation on its website that fully
describes the Senlac Acquisition and the impact it will have on the Corporation.
Visit the website at www.shpacific.com to view this presentation.


Readers' Advisory

Barrel of Oil Equivalent: Where amounts are expressed on a barrel of oil
equivalent ("boe") basis, natural gas volumes have been converted to boe at a
ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This
conversion ratio is based upon an energy equivalent conversion method primarily
applicable at the burner tip and does not represent value equivalence at the
wellhead. Boe figures may be misleading, particularly if used in isolation.


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, 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 any current or
projected 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, but are not limited to, the completion of the
transactions contemplated by the Acquisition, the equity financing and the
credit facility, the inherent risks involved in the exploration and development
of conventional oil and gas properties, of oil sands properties and the assets
to be acquired pursuant to the Acquisition, difficulties or delays in start-up
and continuing 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
including those relating to the Acquisition, 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.

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