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I am not sure about sorl-thumbnail but you can do it with Image. You basically need to create a transparent 150ร150 image and put your thumbnail on top of it.
#!/usr/bin/python
from PIL import Image
margin=20
X=150
Y=150
in_path="flower.jpg"
out_path="thumbnail.png"
#creates a transparent background, RGBA mode, and size 150 by 150.
background = Image.new('RGBA', (X,Y))
# opening an image and converting to RGBA:
img = Image.open(in_path).convert('RGBA')
# Resizing the image
img = img.resize((X, Y-margin*2), Image.ANTIALIAS)
# Putting thumbnail on background
background.paste(img, (0, margin), img)
background.save(out_path)
The output with transparent stripes at the top and bottom:
๐คAlex Ivanov
Source:stackexchange.com