Southern Pacific Resource Corp. (TSX:STP) announced that its Board of Directors has initiated a process to identify, examine and consider strategic and financial alternatives available to the company with the ultimate view of enhancing shareholder value. Strategic and financial alternatives may include, but are not limited to sale, merger or other business combination, recapitalization, sale of all or a portion of the company's assets, or any combination thereof, and continued execution of its business plan, among all other alternatives.

The Board of Directors has established a Special Committee comprised of independent directors to oversee the process and RBC Capital Markets Inc. has been retained to assist the Special Committee and the company with the process.