CALGARY, ALBERTA–(Marketwired – Nov. 22, 2016) – Lightstream Resources Ltd. (the “Company” or “Lightstream”) announces that the sale procedures under the Companies’ Creditors Arrangement Act (“CCAA”) have concluded and that the credit bid (“Credit Bid”) submitted by the ad hoc committee of holders of approximately 91.5% of the Company’s 9.875% second lien secured notes due 2019 is the successful bid. In accordance with the sale procedures, the Company will seek to implement the Credit Bid by finalizing the terms of the definitive agreements and applying to the Court of Queen’s Bench of Alberta for an approval and vesting order anticipated to be heard on December 8, 2016. Closing of the transaction is expected to occur prior to December 31, 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.