CALGARY, ALBERTA–(Marketwired – Oct. 28, 2016) – Lightstream Resources Ltd. (the “Company” or “Lightstream”) announces that the first phase of the sale procedures (“Sale Procedures”) under the Companies’ Creditors Arrangement Act (“CCAA”) in which non-binding indications of interest were received and considered has concluded and, accordingly, qualified bidders will move to the second phase of the sale procedures. The qualified bidders include the ad hoc committee (“Ad Hoc Committee”) of holders of approximately 91.5% of the Company’s 9.875% second lien secured notes due 2019 (“Secured Notes”) who submitted a credit bid for the full amount of the claims outstanding in respect of the Secured Notes and debt in priority to the Secured Notes, in accordance with the previously disclosed restructuring support agreement entered into between Lightstream and the Ad Hoc Committee on July 12, 2016. The second phase of the Sale Procedures is scheduled to conclude on November 21, 2016 which is the deadline for the submission of binding bids.
The Company also confirms that our common shares have been delisted from trading on the Toronto Stock Exchange effective October 27, 2016.
Lightstream Resources Ltd. is an oil and gas exploration and production company focused on light oil in the Bakken and Cardium resource plays. We are committed to delivering industry leading operating netbacks, strong cash flows and consistent operating results through leading edge technology applied to a multi-year inventory of existing and emerging resource play opportunities. Our long-term strategy is to efficiently develop our assets and deliver an attractive dividend yield.