UPDATE 1-Southern Pacific proved reserves for full year soar

* Proved reserve rises more than 11 folds

* Expects STP-McKay project to get approval in Sept

Aug 19 (BestGrowthStock) – Southern Pacific Resource Corp’s
(STP.TO: ) full-year proved reserves soared, helped by its
acquisition of a project in Saskatchewan late last year.

The company reported more than a 11-fold rise in
year-over-year reserve to 6.8 million barrels of oil equivalent

The company said the acquisition in November 2009 of the
STP-Senlac Thermal Project, an operating steam-assisted gravity
drainage project in Saskatchewan, helped the increase in proved

STP-McKay Thermal Project, a 12,000 barrels per day of
bitumen production project, is expected to get approval from
Alberta’s regulatory authorities in September, the company
It also said its proved and probable reserves rose 220 percent
to 178.6 mmboe.

Shares of the company, which have risen 5 percent in the
last three months, were trading up 1 Canadian cent at C$1.06
Thursday on the Toronto Stock Exchange.
(Reporting by Aftab Ahmed in Bangalore; Editing by Vyas
([email protected]; within U.S. +1 646 223 8780;
outside U.S. +91 80 4135 5800; Reuters Messaging:
[email protected]))

UPDATE 1-Southern Pacific proved reserves for full year soar