Southern Pacific Resource Corp. (TSX:STP) has initiated a process to identify, examine and implement strategic and financial alternatives available to the company in order to address its liquidity and capital structure. Strategic and financial alternatives may include, but are not limited to, the sale of the company or all or a portion of its assets, recapitalization, debt restructuring or any combination thereof.

RBC Capital Markets have been retained as the company's financial adviser to assist with this process.