Southern Pacific announces $65 million bought deal financing



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION
    IN THE UNITED STATES/

    TORONTO, Nov. 1 /CNW/ - Southern Pacific Resource Corp. (the
"Corporation") (STP - TSX Venture) is pleased to announce that it has entered
into an agreement with a syndicate of underwriters to sell, on a "bought deal"
basis, 30,232,600 common shares at a price of C$2.15 per common share for
gross proceeds of approximately C$65 million. The syndicate will be led by
Canaccord Capital Corporation and will include Orion Securities Inc. and
Genuity Capital Markets (collectively, the "Underwriters"). In addition, the
Corporation has granted the Underwriters an over-allotment option to acquire
up to an additional 3,023,300 common shares at a price of C$2.15 per common
share at any time within 30 days of the closing date. If the over-allotment
option is exercised in full, additional gross proceeds will be approximately
C $6.5 million for total gross proceeds of approximately C$71.5 million. The
offering is scheduled to close on or about November 21, 2007.
    The Corporation plans to use the net proceeds of this offering to fund
exploration and development of its Alberta oil sands assets and for general
corporate purposes.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    Safe Harbour

    Statements in this press release may contain forward-looking information
including expectations of future operations, operating costs, commodity
prices, administrative costs, commodity price risk management activity,
acquisitions and dispositions, capital spending, access to credit facilities,
income and oil taxes, regulatory changes and other components of cash flow and
earnings. The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the company. These risks include, but are not limited
to, the risks associated with the oil and gas industry, commodity prices and
exchange rate changes. 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. The reader is cautioned not to
place undue reliance on this forward-looking information.
    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction. The
common shares may be offered or sold in other eligible foreign jurisdictions
and to U.S. buyers on a private placement basis pursuant to an applicable
exemption from registration requirements in Rule 144-A or Regulation D of the
United States Securities Act of 1933, as amended.





For further information:

For further information: Dave Antony, (403) 531-1710, (Calgary,
Alberta), dantony@shpacific.com, Or visit our website at www.shpacific.com

Organization Profile

SOUTHERN PACIFIC RESOURCE CORP.

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