Southern Pacific Hires Chief Operating Officer
01 June 2010 - 11:00PM
Marketwired
Southern Pacific Resource Corp. ("Southern Pacific" or the
"Company") (TSX VENTURE: STP) is pleased to announce that Mr. Ron
Clarke has agreed to join the Company as Chief Operating Officer.
This new position reflects Southern Pacific's advanced preparations
for construction of its first oil sands project in McKay, Alberta.
Project approval is expected by the end of the summer.
Mr. Clarke is a professional engineer who worked with Suncor
Energy Inc. for more than 26 years in many facets of the bitumen,
oil and natural gas business in Western Canada. He has spent the
past three years working on Suncor's Firebag steam-assisted gravity
drainage (SAGD) project, serving most recently as General Manager
of the Firebag Asset Team. Mr. Clarke led the reservoir, geology
and production engineering activities for both the base assets and
the resource development strategy. Prior to this position, Mr.
Clarke was the General Manager of Field Operations in Firebag where
he led the well and gathering system operations of the commercial
SAGD project. Mr. Clarke has held several other production and
operational management positions over his career.
"We are extremely pleased to have someone with the background of
Ron join our team," said Byron Lutes, President and CEO of the
Company. "His experience in SAGD operations and management skills
will be a valuable asset to Southern Pacific as we prepare to begin
the construction and operation of our first SAGD project in the
Athabasca oil sands, the STP-McKay Thermal Project." The Company
expects approval of this project by the end of August 2010, with
construction commencing in the fall of 2010.
In conjunction with Mr. Clarke's acceptance of employment,
Southern Pacific has granted him 500,000 options to purchase shares
of the Company at $1.02 per common share. This represents the
closing price of Southern Pacific's shares on May 25, 2010. The
options expire on May 25, 2015.
About Southern Pacific
Southern Pacific Resource Corp. is engaged in the exploration
and development of oil sands in the Athabasca region of Alberta and
currently produces thermal heavy oil production of approximately
4,500 barrels per day of heavy oil in Senlac, Saskatchewan.
Advisory
This press release contains forward-looking statements that
involve known and unknown risks, uncertainties, assumptions and
other factors, some of which are beyond Southern Pacific's control
and may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Southern
Pacific believes that the expectations reflected in those
forward-looking statements are reasonable at the time made but no
assurance can be given that these expectations will prove to be
correct and such forward-looking statements included in, or
incorporated by reference into, this press release should not be
relied upon. These statements speak only as of the date of such
information, as the case may be, and may be superseded by
subsequent events. Southern Pacific does not intend, and does not
assume any obligation, to update these forward-looking statements,
except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Southern Pacific Resource Corp. Byron Lutes President
& CEO 403-269-1529 blutes@shpacific.com www.shpacific.com
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