CALGARY, ALBERTA–(Marketwired – July 13, 2016) – Lightstream Resources Ltd. (the “Company” or “Lightstream”) (TSX:LTS) announces that, in connection with our proposed recapitalization transaction announced on July 12, 2016, we have received a preliminary interim order (the “Preliminary Interim Order”) from the Court of Queen’s Bench of Alberta initiating proceedings under the Canada Business Corporations Act (“CBCA”) in respect of a proposed CBCA plan of arrangement. The Preliminary Interim Order includes a stay prohibiting any person, including holders of the Company’s secured and unsecured notes, other than the lenders under the Company’s revolving credit facility, from terminating, making any demand, accelerating, amending or declaring in default or taking any enforcement steps under any contract or other agreement to which the Company is a party, by reason of the Company’s commencement of proceedings under the CBCA, among other reasons. Additionally, as previously announced, the Company has entered into a forbearance agreement with its lenders under its revolving credit facility.
The Company anticipates that we will return to Court on or before August 5, 2016 to seek a further order authorizing us to call, hold and conduct the required special meetings of the Company’s shareholders and the holders of our secured and unsecured notes to consider and vote on the proposed CBCA plan of arrangement.
Lightstream intends to continue to operate our business and satisfy our obligations to our service providers, suppliers, contractors and employees in the ordinary course of business as we pursue completion of our proposed recapitalization.
Readers are urged to consult the Company’s press release issued July 12, 2016 for further details respecting our proposed recapitalization.
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.