Davis Client, Southern Pacific, raised $108 Million to complete the Equity Funding Portion for its STP-McKay Thermal Project

Publié: mardi, 6 juillet 2010

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We are pleased to announce that the firm's client, Southern Pacific Resource Corp., raised $108,360,000 through a bought deal prospectus offering with a syndicate of underwriters, including the underwriters' partial exercise of their over-allotment option. The net proceeds of the offering will be used to complete the equity funding portion for Southern Pacific's second steam assisted gravity drainage (SAGD) project, the STP-McKay Thermal Project.

Southern Pacific is engaged in the exploration and development of oil sands in the Athabasca region of Alberta and the thermal production of approximately 4,500 barrels per day of heavy oil in Senlac, Saskatchewan.

The Davis team that represented Southern Pacific was led by Trevor Wong-Chor, and included Campbell Fitch, Derrick Auch, Michael Coburn, Michael Der and Graham Norris.

Please click here to view the media release distributed by Southern Pacific.