- Business
- Southern Pacific Resource Corp. (STPJF) engages in the exploration, development, and production of in-situ oil sands and heavy oil properties in Western Canada. The company holds 100% working interests in STP-McKay oil sands leases covering approximately 59 sections or 37,760 net acres in the Athabasca oil sands of north-eastern Alberta; STP-Senlac thermal heavy oil assets including three sections of 100%-owned lands and approximately two gross sections west of Unity, Saskatchewan; and additional properties such as Ells, Anzac, and Hangingstone focused on bitumen and heavy crude oil extraction using horizontal wells and steam-assisted gravity drainage technologies. Founded in 1953 and headquartered in Calgary, Alberta, the company operates exclusively in Canada targeting thermal heavy oil and bitumen production for the energy sector.
In 2015, the Court of Queen's Bench of Alberta placed Southern Pacific Resource Corp. into receivership, appointing PricewaterhouseCoopers Inc. as receiver and manager, amid financial restructuring efforts. Canadian Natural Resources later acquired the Senlac assets from the company. The company, formerly Southern Pacific Development Corp. until its name change in March 2006, remains in reorganization with no reported operations or updates since the receivership.