Southern Pacific Begins Winter Exploration Program at Leismer
Southern Pacific Resource has commenced its winter exploration program. The planned 17 km 3D seismic program at Leismer was started yesterday; this program was the follow up to the Corporation's successful initial drilling which was completed during the prior winter season. The 3D seismic information will help the Corporation identify its drilling locations for this winter, and thereby further delineate future potential SAGD operations.
In addition to the Leismer 3D program the Corporation has begun the 2D seismic program at its Kirby property. It is anticipated that approximately 88 kms of seismic will be completed in December and the interpretation of the seismic will be completed in sufficient time to complete the core drilling program at Kirby this winter.
The core drilling program in the four other areas, being Leismer, Mackay, Hangingstone and Long Lake are set to begin within the next two to three weeks. The 550 km 2D seismic program was completed this fall and has now been interpreted and numerous anomalies have been identified. These anomalies are the basis for drilling locations that have been high graded for the initial core holes. The Corporation has contracted seven coring rigs and has finalized the schedule to ensure all core areas are evaluated this winter.
With the recently completed financing, the Corporation has sufficient working capital to complete its winter exploration program and to continue to pursue additional land positions.
Southern Pacific is also pleased to announce that it has retained McDaniel & Associates Consultants Ltd. ("McDaniel") as its independent engineering firm. McDaniel will prepare an evaluation of the properties held by the Corporation once it has completed it winter exploration program, which includes the 2D and 3D seismic program and its planned 115 core well program.
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