Southern Pacific Announces Closing of $100.8 Million Bought Deal Equity Financing and Conditional Approval of TSX Graduation

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES


Southern Pacific Resource Corp. (the "Corporation" or "Southern Pacific") (TSX
VENTURE:STP) is pleased to announce that it has closed its previously announced
bought deal financing with a syndicate of underwriters co-led by BMO Capital
Markets and TD Securities Inc. and including Raymond James Ltd., RBC Capital
Markets, Canaccord Genuity Corp., Acumen Capital Finance Partners Limited and
Byron Securities Limited (the "Underwriters"). Pursuant to its short form
prospectus dated May 10, 2010, the Corporation issued 84,000,000 common shares
("Common Shares") at a price of $1.20 per Common Share for gross proceeds of
$100.8 million. 


As previously announced, the Corporation has granted the Underwriters an
over-allotment option to acquire up to an additional 12,600,000 Common Shares at
a price of $1.20 per Common Share. This option is exercisable, in whole or in
part, by the Underwriters, in their sole discretion, at any time up to 30 days
after the closing date. If the over-allotment option is exercised in full,
additional gross proceeds will be $15.1 million for total gross proceeds of
$115.9 million. 


The securities offered have not been and will not be registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from the registration
requirement. This media release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful.


TSX Listing Update

The Corporation is pleased to announce that it has received conditional approval
to list its common shares on the Toronto Stock Exchange (the "TSX"). Final
approval of the listing is subject to the Corporation providing certain
customary documentation as requested by the TSX, anticipated to be completed
within 10-14 days. Upon the change in listing to the TSX, the common shares of
the Corporation will continue to trade under its present symbol "STP". 


For further information, please visit our website at www.shpacific.com. 

Safe Harbour

This news release contains certain "forward-looking information" within the
meaning of such statements under applicable securities law including, but not
limited to, estimates as to: future production, 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, other components of cash
flow and earnings, anticipated discovery of commercial volumes of bitumen, the
timeline for the achievement of anticipated exploration, anticipated results
from any current or projected drilling program and, subject to regulatory
approval and commercial factors, the commencement or approval of any SAGD
project. 


Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or statements that
certain events or conditions "may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions and estimates
of management at the date the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. These factors include, but are not limited to, obtaining the final
approval of the TSX with respect to the Corporation's listing application, the
inherent risks involved in the exploration and development of conventional oil
and gas properties and of oil sands properties, difficulties or delays in
start-up and continuing operations, the uncertainties involved in interpreting
drilling results and other geological data, fluctuating oil prices, the
possibility of unanticipated costs and expenses, uncertainties relating to the
availability and costs of financing needed in the future and other factors
including unforeseen delays. As an oil sands enterprise in the development stage
with some conventional production, Southern Pacific faces risks including those
associated with exploration, development, start-up, approvals and the continuing
ability to access sufficient capital from external sources, if required. Actual
timelines may vary from those anticipated in this news release and such
variations may be material. 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. For a description of the risks and uncertainties
facing Southern Pacific and its business and affairs, readers should refer to
Southern Pacific's most recent Annual Information Form. Southern Pacific
undertakes no obligation to update forward-looking statements if circumstances
or management's estimates or opinions should change, unless required by law. 


The reader is cautioned not to place undue reliance on this forward-looking
information.