Southern Pacific Resource Corp. (TO: STP) successfully closed the disposition of non-core assets related to its Leismer property in Alberta for net cash proceeds of $18.8 million, effective Sept. 1.
The assets sold included 36 sections of land with 80% working interest, a best estimate contingent resources assignment of 64.6 million barrels and had no associated production. The company had no plans to develop the property and continues to focus on the ramp up at STP-McKay.
Southern Pacific Resource Corp. is an independent energy company engaged in the development, exploration, and production of in-situ oil sands and heavy oil properties in Western Canada. The company is headquartered in Calgary.