Southern Pacific Continues With Winter Core Hole Program

Feb.21, 2008 in Market Outlook

CALGARY, ALBERTA, Feb 21, 2008 (MARKET WIRE via COMTEX) — Southern Pacific
Resource Corp. (”Southern Pacific” or the “Corporation”) (CA:STP) is pleased to
announce that its winter core program is continuing with 6 rigs running on 4 of
the Corporation’s prospect areas. In total, Southern Pacific has completed a
total of 48 core holes and is very encouraged by the results to date.

At McKay, Southern Pacific has drilled a total of 23 core holes to date on its 59
section block. The focus of these core holes has been on a six section block
where a significant accumulation of bitumen was discovered as previously
announced on January 25, 2008. Since the initial discovery, 13 additional core
holes have been drilled and another 5 more are planned into the McKay North
project area before spring break-up. Southern Pacific credits its technical
management staff for having the logistical planning in place prior to the
drilling season to enable the Corporation the flexibility to adjust its program
to more fully delineate this exciting discovery. Southern Pacific believes its
appraisal of the resource on this block of land will be sufficient to proceed
with the initial scoping and planning of a commercial SAGD project in the range
of 15,000 - 20,000 bbl/d.

Southern Pacific is also very pleased to announce a second discovery in McKay,
located 5 miles south of the McKay North project area. McKay South has 3 core
holes drilled into the bitumen accumulation to date, and again, utilizing STP’s
incorporated flexibility on its drilling plans, an additional four core holes
will be drilled to further delineate this resource before the end of this year’s
winter drilling season. Results from the McKay South will be incorporated into
the planning process with the project at McKay North.

In total, 17 core holes have been drilled into the two McKay project areas this
winter. Of these, 16 have encountered gross bitumen zones between 26 and 30
meters thick, and continuous net bitumen zones between 12 and 27 meters thick.
The other core hole came in with less, 8 net meters of pay. The zone porosity
ranges from 30% to 35%. In addition, the core holes did not show any evidence of
gas or water thief zones that could technically impair SAGD viability. The
seismic, logs, core and bitumen from this block are still being analyzed and
interpreted as more data is collected, and will be the basis for an updated
resource report which will be prepared by McDaniel and Associates. Interpreted
seismic data from the 212 km 2D survey at McKay River, which was completed in the
fall of 2007, was the basis for the selection of the locations for the core holes
that have been drilled this winter.

The remainder of the exploration and delineation program is proceeding as
planned, with a total of 25 core holes drilled to date on the Corporation’s Long
Lake, Leismer and Hangingstone properties. In particular, at Hangingstone, where
he Corporation holds 62 contiguous sections, areas of interest have shown gross
bitumen zones between 15 and 30 meters thick and net continuous bitumen zones
between 8 and 15 meters thick. Drilling is continuing and the areas of interest
will be more fully evaluated as the drilling locations have been adjusted to
better delineate any potential project areas.

At Leismer, a 3D seismic program was shot in January 2008, over the area that was
successfully drilled last year. This data has now been interpreted and is being
utilized to drill the last phase of core holes in Leismer for this winter.

About Southern Pacific

The Corporation currently holds an 80% working interest in 219 sections in five
core areas. The previous evaluation work on the areas has allowed the Corporation
to record probable reserves of approximately 92.6 million barrels and possible
reserves of approximately 65.8 million barrels and best case contingent resources
of 689 million recoverable barrels.

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.

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

Contacts:
Southern Pacific Resource Corp.
Dave Antony
CEO
(403) 269-5219
Email: dantony@shpacific.com

Southern Pacific Resource Corp.
Byron Lutes
President
(403) 269-1529
Email: blutes@shpacific.com
Website: http://www.shpacific.com

SOURCE: Southern Pacific Resource Corp.
mailto:dantony@shpacific.com
mailto:blutes@shpacific.com
http://www.shpacific.com

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