CALGARY, ALBERTA–(Marketwired – May 22, 2013) –PetroBakken Energy Ltd. (PBN.TO) (“PetroBakken” or “the Company”) announces that our shareholders have approved our name change to Lightstream Resources Ltd., which will be made effective immediately. In conjunction with our name change our stock symbol is replaced with “LTS” on the Toronto Stock Exchange. This change will be effective in 2-3 business days.
Over the last several years, our asset base has grown to include a diverse portfolio of light oil resource plays focused in Alberta and Saskatchewan, and we are no longer an affiliate of our former parent company, Petrobank Energy and Resources Ltd. Our business plan remains unchanged, however the name change better reflects our corporate evolution and the company we are today.
The new name, Lightstream Resources Ltd., represents our strategic focus on effectively developing light oil resource plays to deliver growth and a sustainable dividend for our shareholders. We are committed to maximizing recoveries at the lowest possible cost through the application of innovative ideas, while staying true to our core values and the best interests of our shareholders, stakeholders and employees.
In addition to approving the name change, shareholders voting at the annual general and special meeting of shareholders held on May 22, 2013 considered the following matters:
Election of Directors
By resolution passed via ballot, each of the eight nominees proposed as a director were elected as directors of the Company to serve until the next general meeting of shareholders, or until their successors are elected or appointed. The results of the ballot were as follows:
|Votes For||Votes Withheld|
|Ian S. Brown||45,203,101||86.98||%||6,763,893||13.02||%|
|Kenneth R. McKinnon||46,408,857||89.30||%||5,558,137||10.70||%|
|Corey C. Ruttan||48,127,631||92.61||%||3,839,363||7.39||%|
|W. Brett Wilson||40,859,770||78.63||%||11,107,224||21.37||%|
|John D. Wright||45,517,388||87.59||%||6,449,606||12.41||%|
Appointment of Auditors
By a resolution passed by ballot, Deloitte LLP was appointed as auditor of the Company to hold office until close of the next annual general meeting or until their successors are duly appointed.
Amendment to Bylaw No. 1
By resolution by ballot, shareholders did not approve the amendments to bylaw no. 1 of the Company to provide for, among other things, advance notice provisions with respect to the election of directors. We proposed the amendment to our bylaws to provide for advance notice provisions as we are of the view that allowing reasonable time for our shareholders to consider proposed director nominees represents good governance. However, our provisions did not conform in minor ways with the forms recently suggested by proxy advisory firms. We plan to make conforming minor amendments to these provisions and adopt an amended bylaw no. 1 to be voted on by shareholders at our next annual general meeting.
Lightstream Resources Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. Lightstream is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.
John D. Wright
President and Chief Executive Officer
PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
PetroBakken Energy Ltd.
William A. Kanters
Vice President, Capital Markets