Southern Pacific Resource Corp.
TSX VENTURE : STP

Southern Pacific Resource Corp.

August 15, 2008 08:34 ET

Southern Pacific Resource Corp.: Termination of Rochester Acquistion

CALGARY, ALBERTA--(Marketwire - Aug. 15, 2008) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Corporation") (TSX VENTURE:STP) announces that they have terminated the agreement with Rochester Energy Corp. The acquisition was announced previously on both May 29 and June 24, 2008. The agreement was terminated due to the inability of Rochester to meet certain conditions within the agreement.

Southern Pacific will continue with its planned work programs for the coming year on their lands but focusing primarily at McKay, where work continues in the field and the office in preparation for the Corporation's first SAGD project. The work that is anticipated will be completed with the working capital that the Corporation has on hand.

Safe Harbour

Statements in this press release may contain forward-looking information including expectations of future 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, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. 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. The reader is cautioned not to place undue reliance on this forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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