Southern Pacific announces new terms for a $60 million bought deal financing to replace the previously announced $65 million bought deal financing



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

    CALGARY, Nov. 7 /CNW/ - Southern Pacific Resource Corp. (the
"Corporation") (STP - TSX Venture) announces new terms to replace the
previously announced "bought deal" financing. The new financing terms include
the same syndicate of underwriters of Canaccord Corporation, Orion Securities
Inc. and Genuity Capital Markets to purchase, on a "bought deal" basis,
27,323,000 common shares of the Corporation at a price of C$1.83 per common
share for gross proceeds of approximately C$50 million and 4,525,000 common
shares on a flow-through basis at a price of $2.21 per flow-through common
share for gross proceeds of approximately C$10 million. The aggregate proceeds
from the bought deal financing will be approximately C$60 million. In
addition, the Corporation has granted the underwriters an over-allotment
option to acquire additional common shares and flow-through common shares at a
price of C$1.83 per common share and additional flow-through common shares at
a price of C$2.21 per flow-through common share at any time within 30 days of
the closing date, provided that the aggregate proceeds from the additional
common shares and additional flow-through common shares shall result in
additional gross proceeds up to a maximum of C$5 million. Total gross proceeds
of the financing, assuming full exercise of the over-allotment option will be
approximately C$65 million. The offering is scheduled to close on or about
November 27, 2007, subject to regulatory approval.
    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,
exchange rate changes, and tax treatment of the flow-through common shares.
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, competition,
volatility of oil and gas prices, health and safety risks and the uncertainty
of estimates and projections of production, changes in the royalty regime,
environmental regulation, 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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