SOUTHERN PACIFIC PROVIDES ADDITIONAL INFORMATION

SOUTHERN PACIFIC PROVIDES ADDITIONAL INFORMATION ON PRODUCING SAGD OIL ASSET ACQUISITION

October 13, 2009
Southern Pacific Resource Corp. (“Southern Pacific” or the “Corporation”) (STP –
TSX-V) is pleased to provide additional information on the recently announced (October
9th, 2009) acquisition of steam assisted gravity drainage (“SAGD”) producing heavy oil
interests (“the Senlac Acquisition”). These assets have averaged a daily oil production
rate of 5,000 barrels per day (“bbl/d”) since June 1st, 2009, which is the effective date of the acquisition. The acquisition is expected to close on or about November 2nd, 2009
with a net acquisition price of about $90 million.

The Senlac Acquisition will dramatically alter Southern Pacific by adding facilities,
operations, relevant experience and significant cash flow, all of which will directly
complement the existing oil sands assets of the Corporation. The Senlac Acquisition has
produced more than 13 million barrels of heavy oil using SAGD technology over the past
12 years and the Corporation expects a remaining projected life of approximately 15
years. The assets are currently producing more than 6,000 bbl/d. Southern Pacific
expects to continue the development of the Senlac Acquisition by drilling additional SAGD well pairs throughout the remaining project life.

The netbacks for the SAGD heavy oil produced at Senlac are typically better than
netbacks from SAGD projects in the Athabasca oil sands. The oil is lighter, and requires
less steam to mobilize the oil; the current steam/oil ratio for the project is currently
below2.0 bbl/bbl. The 12-13 degree API oil also requires less diluent for blending.

The estimated cashflow over the twelve months following the close of the Senlac
Acquisition is expected to be in excess of $51 million, which post financing equates to
approximately $0.23 per share. With this level of cashflow, based upon the forward strip
price for WTI, the payback on the acquisition is expected to take less than two years.

This cashflow will be utilized to:

• advance the Corporation’s STP-McKay project, which has been designed to
recover 12,000 bbl/d (9,600 bbl/d net to the Corporation at an 80% working
interest)

• fund the upcoming winter’s exploration core hole programs at Hangingstone
and McKay South

• fund the next phase of development at Senlac
http://www.shpacific.com/wp-files/News%20Releases/2009/stp_2009_10_13.pdf

Southern Pacific has posted a new presentation on its website that fully describes the Senlac Acquisition and the impact it will have on the Corporation. See the link below to view this updated presentation.
http://www.shpacific.com/wp-files/Presentation/STP-Presentation-2009-10-senlac.pdf

SOUTHERN PACIFIC MAKES STRATEGIC ACQUISITION
http://intheendwerealldebt.blogspot.com/2009/10/southern-pacific-makes-strategic.html

Big Money Moving To Oil Sands
http://intheendwerealldebt.blogspot.com/2009/10/big-money-moving-to-oil-sands.html