Southern Pacific Announces Increase in Bought Deal Financing to $52 Million

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


Southern Pacific Resource Corp. ("Southern Pacific" or the "Corporation") (TSX
VENTURE: STP) is pleased to announce that it has reached an agreement with a
syndicate of underwriters led by BMO Capital Markets and including Canaccord
Capital Corporation, Raymond James Ltd. and Byron Capital Markets (the
"Underwriters") in respect of its bought deal private placement announced on
October 9, 2009 to increase the size of the Subscription Receipts financing.
Under the agreement, the syndicate will now purchase from Southern Pacific 104
million Subscription Receipts at an issue price of $0.50 per Subscription
Receipt for gross proceeds to Southern Pacific of $52 million. Each Subscription
Receipt shall represent the right to acquire one common share in the capital of
the Corporation upon exercise, without additional consideration, upon the
closing of the Acquisition. Closing of the Subscription Receipts financing is
expected to occur on or about October 23, 2009, subject to customary conditions
and regulatory approvals, including the approval of the TSXV.


The net proceeds from the Subscription Receipts financing will be used to
partially fund the approximately $90 million net purchase price relating to the
Corporation's acquisition of producing SAGD heavy oil assets from a public oil
and gas company (the "Senlac Acquisition"), as announced on October 9, 2009. The
Senlac Acquisition is expected to close on or about November 2, 2009.


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 by any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful.


Visit our website at www.shpacific.com. 

Safe Harbour

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