August 19, 2010 / 4:57 PM / 8 years ago

UPDATE 1-Southern Pacific proved reserves for full year soar

* Proved reserve rises more than 11 folds

* Expects STP-McKay project to get approval in Sept

Aug 19 (Reuters) - Southern Pacific Resource Corp’s STP.TO full-year proved reserves soared, helped by its acquisition of a project in Saskatchewan late last year.

The company reported more than a 11-fold rise in year-over-year reserve to 6.8 million barrels of oil equivalent (mmboe).

The company said the acquisition in November 2009 of the STP-Senlac Thermal Project, an operating steam-assisted gravity drainage project in Saskatchewan, helped the increase in proved reserves.

STP-McKay Thermal Project, a 12,000 barrels per day of bitumen production project, is expected to get approval from Alberta’s regulatory authorities in September, the company said. It also said its proved and probable reserves rose 220 percent to 178.6 mmboe.

Shares of the company, which have risen 5 percent in the last three months, were trading up 1 Canadian cent at C$1.06 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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