CALGARY, ALBERTA–(Marketwired – Sept. 26, 2016) – Lightstream Resources Ltd. (the “Company” or “Lightstream”) (TSX:LTS) announces that earlier today the Company obtained an initial order (the “Initial Order”) from the Court of Queen’s Bench of Alberta (the “Court”) under the Companies’ Creditors Arrangement Act (the “CCAA”) as the Company continues working to restructure our balance sheet. Pursuant to the Initial Order, the Company has obtained a stay of proceedings from creditor claims and the exercise of contractual rights and remedies for an initial period expiring on October 26, 2016 which may be extended by the Court as it deems appropriate. The Company has also obtained approval of our proposed sale procedures which are a continuation of the previously announced sale and investment solicitation process that commenced on July 13, 2016.
During the CCAA proceedings, Lightstream expects that our operations will continue uninterrupted in the ordinary course of business and that all pre- and post-filing obligations to service providers, suppliers and contractors will continue to be met on a normal course basis as will ongoing obligations to the Company’s customers.
FTI Consulting Canada Inc. has been appointed Monitor of the Company for the CCAA proceedings. A copy of the Initial Order will be made available and details relating to this case may be accessed on the Monitor’s website at cfcanada.fticonsulting.com/Lightstream. The Monitor has also established an information line at 1-855-344-1825 and a dedicated email address at email@example.com for the purposes of receiving and responding to enquiries regarding the CCAA process. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the general oversight of the Monitor.
In addition, the Company has received an order from the Court allowing the Company to postpone our annual general meeting of shareholders (“AGM”) to a date not later than March 31, 2017. The Company has determined that it is appropriate to postpone the AGM until we have greater clarity regarding the outcome of our restructuring. As a result, the AGM scheduled to be held at 9:00 a.m. on September 30, 2016 has been postponed until such later date as the Lightstream Board of Directors shall determine.
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.