Southern Pacific announces revised statement of reserves and Annual Information Form


    CALGARY, Nov. 6 /CNW/ - Southern Pacific Resource Corp. ("Southern
Pacific" or the "Corporation") (STP - TSX Venture) has been advised that the
reserve report prepared by Degolyer and MacNaughton Canada Ltd. ("D&M") for
the year ended June 30, 2007 contained a calculation error, related to the
Corporation's ownership percentage of its reserves. The report as originally
prepared estimated the probable and possible reserves on a 100% of the
property basis and not on the 80% interest which Southern Pacific holds. The
best case contingent resources of Southern Pacific which were previously
reported as approximately 689 million recoverable barrels were reported with
the correct ownership percentages and do not require any adjustment.
    The reserve report was prepared by D&M, effective June 30, 2007
estimating the extent and value of the probable and possible reserves on the
initial 25 sections of land at Leismer. This represents approximately 11% of
the total land holdings of the Corporation and applies to only one of its
areas. The Corporation has a total of 217 sections of land in five areas. The
report is the basis of Southern Pacific's Statement of Reserves in its Annual
Information Form for the year ended June 30, 2007.
    The original amounts estimated by D&M were probable reserves of
116 million barrels and possible reserves of approximately 82 million barrels.
The corrected amounts are probable reserves of approximately 92.6 million
barrels and possible reserves of approximately 65.8 million barrels. The
adjustment is due to a mathematical error only and is not a technical revision
in reserves or resources.
    This revision does not affect the business plan of the Corporation with
respect to its exploration activities during the upcoming season.
    As a result of these amendments, the Corporation intends to file a
revised Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas
Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified
Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on
Oil and Gas Disclosure, under National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities, all of which is included in Southern
Pacific's Revised Annual Information Form to be filed by the Corporation on or
about November 7, 2007. Such filings can be accessed electronically from the
SEDAR website at
    The Corporation has been in contact with Canaccord Capital Corporation,
Orion Securities Inc. and Genuity Capital Markets with respect to the recently
announced offering.

    A management conference call will be held at 3:00 p.m. Calgary time.

    The dial-in information for participants (i.e. the public) is as follows:

    (403) 410-9171 or 1-866-696-5910
    Participant Passcode: 3241816 followed by the number sign.

    The call will be available for playback commencing one hour after the end
of the call at the following dial-in numbers:

    (416) 695-5800 or 1-800-408-3053
    Participant Passcode: 3241816 followed by the number sign.

    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. Readers are also
referred to the detailed risk factors contained in the revised Annual
Information Form.
    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),; Or visit our website at

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