Southern Pacific Announces Amendment to Current Credit Facility

Southern Pacific Announces Amendment to Current Credit Facility 
CALGARY, ALBERTA -- (Marketwired) -- 01/31/14 --   Southern Pacific
Resource Corp. ("Southern Pacific" or the "Company") (TSX: STP) today
announced that in addition to the Company's previously announced
strategic review process, which included revised forecasted
production guidance at STP-McKay, the Company has completed an
amendment to its existing credit facility in which the availability
on the credit facility will be $85 million, with the $100 million
borrowing base remaining in place. This arrangement is effective
until May 31, 2014 which aligns with the expected timing of the
strategic alternatives process. It also allows for the Company to
continue with its previously announced capital expenditure program at
STP-McKay to install Inflow Control Device ("ICD") configurations
into two of the SAGD well pairs.  
Additionally, the previous restrictive EBITDA to Interest Expense
Ratio and senior first lien bank debt to 12 months trailing EBITDA
covenants have been removed and replaced with more relaxed minimum
EBITDA covenants. 
Fiscal Q2 2014 Results and Conference Call 
The Company will release its fiscal Q2 2014 results after market
close on Monday February 10, 2014. A conference call will be held to
review the fiscal Q2 results at 8:00 a.m. Mountain Time (10:00 a.m.
Eastern Time) on Tuesday February 11, 2014. To participate, please
dial (866) 696-5910 (toll-free in North America) or (416) 695-7806
and enter passcode 3105769. A replay of the conference call will be
available until February 18, 2014. To listen to the recording, call
(800) 408-3053 and enter passcode 8950610. 
About Southern Pacific  
Southern Pacific Resource Corp. is engaged in the exploration,
developm ent and production of in-situ oil sands in Alberta's
Athabasca region, and the thermal production of heavy oil in Senlac,
Saskatchewan. Southern Pacific trades on the TSX under the symbol
This news release contains certain "forward-looking information"
within the meaning of such statements under applicable securities law
including estimates as to: future production, operations, operating
costs, commodity prices, administrative costs, commodity price risk
management activity, acquisitions and dispositions, capital spending,
access to credit facilities and lending costs, income and oil taxes,
regulatory changes, and other components of cash flow and earnings
anticipated discovery of commercial volumes of bitumen, the timeline
for the achievement of anticipated exploration, anticipated results
from the current drilling program, workovers and any conformance
acceleration techniques such as HPSS or the use of ICDs, and, subject
to regulatory approval and commercial factors, the commencement or
approval of any SAGD project, the potential results of the strategic
alternative review process and enhancement of shareholder value,
disclosure intentions with respect to the strategic alternative
review process, and general economic outlook. 
Forward-looking information is frequently characterized by words such
as "plan", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. These statements are only predictions. Forward-looking
information is based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. These factors include, but are not
limited to the inherent risks involved in the exploration and
development of oil and gas properties and of oil sands properties,
strategic alternatives, conformance acceleration techniques, delays
in ramp-up operations, the uncertainties involved in interpreting
drilling results and other geological data, fluctuating oil prices
and discounts, the possibility of unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing
needed in the future and other factors including unforeseen delays.
As an oil sands enterprise in the development stage, Southern Pacific
faces risks including those associated with exploration, development,
ramp-up, approvals and the continuing ability to access sufficient
capital from external sources if required. Actual timelines
associated may vary from those anticipated in this news release and
such variations may be material. Industry related risks could
include, but are not limited to, operational risks in exploration,
development and production, delays or changes in plans, risks
associated to the uncertainty of reserve estimates, health and safety
risks and the uncertainty of estimates and projections of production,
costs and expenses. For a description of the risks and uncertainties
facing Southern Pacific and its business and affairs, readers should
refer to Southern Pacific's most recent Annual Information Form.
Southern Pacific undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change, unless required by law.  
The impact of any one risk, uncertainty or factor on a particular
forward-looking statement is not determinable with certainty as the
factors are interdependent, and the Board's and management's future
course of action would depend on its assessment of all information at
the time. 
The reader is cautioned not to place undue reliance on this
forward-looking information. 
Southern Pacific Resource Corp.
Greg Foofat
Investor Relations
Southern Pacific Resource Corp.
Byron Lutes
President & CEO
Southern Pacific Resource Corp.
Howard Bolinger
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