Southern Pacific Resource Corp.: Termination of Rochester Acquistionadmin
Friday, August 15th 2008
Southern Pacific Resource Corp. announces that they have terminated the agreement with Rochester Energy Corp. The acquisition was announced previously on both May 29 and June 24, 2008. The agreement was terminated due to the inability of Rochester to meet certain conditions within the agreement.
Southern Pacific will continue with its planned work programs for the coming year on their lands but focusing primarily at McKay, where work continues in the field and the office in preparation for the Corporation’s first SAGD project. The work that is anticipated will be completed with the working capital that the Corporation has on hand.