Southern Pacific Closes $52 Million Bought-Deal Financing

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


Southern Pacific Resource Corp. (the "Corporation") (TSX VENTURE:STP) is pleased
to announce that it has closed its bought-deal financing to a syndicate of
underwriters led by BMO Capital Markets and including Canaccord Capital
Corporation, Raymond James Ltd. and Byron Capital Markets (the "Underwriters")
announced on October 9, 2009. The Corporation issued 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 represents the
right to acquire one common share in the capital of the Corporation upon
exercise, without additional consideration, upon the closing of the acquisition
of heavy oil assets announced on October 9, 2009 (the "Senlac Acquisition"). The
Subscription Receipts and the underlying Common Shares are subject to a resale
restriction until February 24, 2010. 


The Corporation is also pleased to announce that it has received the final
approval from BMO Capital Markets on its $45 million credit facility. This
facility along with the closing of the financing ensures the Corporation has the
funds in place to close the Senlac Acquisition.


Acquisition Update

Southern Pacific has now completed the majority of the work needed to ensure
that the Senlac Acquisition closes on schedule on or about November 2, 2009. The
Senlac Acquisition was described in detail in news releases on October 9 and 13.
With the recent strengthening in commodity prices and the continued strong
performance of the Senlac assets, the Corporation is aggressively moving forward
to become a significant in-situ heavy oil producer. 


The Corporation continues to focus on its 12,000 barrel per day SAGD oil sands
project at STP-McKay as well as plan its winter exploration program at its
Hangingstone and South McKay project areas.


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.


Safe Harbour

This news release contains certain "forward-looking information" within the
meaning of such statements under applicable securities law including 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, the completion of the
transactions contemplated by the Acquisition, the equity financing and the
credit facility, the inherent risks involved in the exploration and development
of conventional oil and gas properties, of oil sands properties and the assets
to be acquired pursuant to the Acquisition, 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
associated 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
including those relating to the Acquisition, 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.