Press release from Marketwire
Southern Pacific Hires Chief Operating Officer
Tuesday, June 01, 2010
Southern Pacific Hires Chief Operating Officer09:06 EDT Tuesday, June 01, 2010CALGARY, ALBERTA--(Marketwire - June 1, 2010) - 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 PacificSouthern 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.FOR FURTHER INFORMATION PLEASE CONTACT: Southern Pacific Resource Corp. Byron Lutes President & CEO 403-269-1529 email@example.com www.shpacific.com 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.