The only producing assets left from failed junior oilsands company Southern Pacific Resource Corp. (OTCPK:STPJ.F) should be sold to Canadian Natural Resources Limited (TSX:CNQ), Canada's largest heavy oil producer, according to the insolvent company's court-appointed receiver. A report to Court of Queen's Bench filed on the PricewaterhouseCoopers website indicates that it has negotiated a deal to sell Southern Pacific's Senlac thermal heavy oil project to Canadian Natural for a sales price that was obscured in documents.

“One of the parties, Canadian Natural, who provided a bid under the sales and investment solicitation, has continued to express interest in purchasing the company's petroleum and natural gas interests locating in Senlac." In an e-mail, Canadian Natural's investor relations department declined to comment.