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.
Forward Looking Information. Certain information provided in this press release constitutes forward-looking information (within the meaning of applicable Canadian securities laws). Specifically, this press release contains forward-looking information in respect of the CCAA proceedings and the matters related thereto, including the anticipated timing of certain events. The forward-looking statements are based on information currently available as well as certain expectations and assumptions. Although Lightstream believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Lightstream can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, which risks include, without limitation, that unforeseen circumstances could impact the timing of certain events, including closing of the transaction, and the Court may make an order or determine a matter relating to the CCAA proceedings or the Company's sale and investment process not currently anticipated by the Company. In addition, the Company is exposed to each of the risks set forth in the Company's AIF which has been filed on SEDAR and can be accessed at www.sedar.com. Except as may be required by applicable securities laws, Lightstream assumes no obligation to publicly update or revise any forward-looking information provided herein or otherwise, whether as a result of new information, future events or otherwise.