CALGARY, ALBERTA--(Marketwired - May 21, 2015) - Lightstream Resources Ltd. (the "Company" or "Lightstream") (TSX:LTS) announces the renegotiated terms agreed to with lenders in our secured revolving credit facility.

Further to our first quarter results press release of May 5, 2015, we have concluded negotiations and received signed commitments from our lending syndicate for an amended credit facility which is subject to execution of a definitive agreement by the parties. The amended credit facility provides for a borrowing base of $750 million, subject to re-determination on a semi-annual basis, and the same maturity date of June 2, 2017, subject to further extension. During the term of the amended facility, the Company will not pay cash dividends without the unanimous consent of the lenders. The facility now has a single financial covenant that limits the ratio of facility borrowing to trailing twelve month EBITDA to:

January 1, 2015 - September 30, 2015 - 3.0x

October 1, 2015 - June 30, 2016 - 3.75x

July 1, 2016 - December 31, 2016 - 4.25x

January 1, 2017 - June 2, 2017 - 4.0x

As of March 31, 2015, we had $638 million of debt drawn on our credit facility compared to $1.07 billion as of March 31, 2014. Furthermore, over the same period our accounts payable have been reduced by $174 million and the face value of our senior unsecured notes reduced by US$100 million. On a pro forma basis at March 31, 2015, we would have approximately $105 million of available credit. For the remainder of 2015, based on our guidance, we expect to further reduce the amount borrowed on our credit facility from first quarter levels with excess free funds flow, assuming a WTI oil price of US$55.00/bbl for the second half of the year.

The revised borrowing base and amendments to our covenants are expected to provide an appropriate level of liquidity and covenant relief during the current low-price commodity environment and support an acceleration of our drilling program should oil prices increase and/or costs come down.

Given the timing of these developments, we will not be hosting a conference call. Please direct any questions to the contacts below.

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.

Forward Looking Statements. Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to, but not limited to Lightstream's guidance for 2015, the finalization of the amendment of our credit facility; our liquidity position; and expectation that funds flow will exceed capital expenditures in 2015.

The forward-looking statements are based upon certain material factors and expectations and assumptions of Lightstream including, without limitation: that a formal credit facility agreement on the terms stated herein will be executed by the parties; Lightstream will continue to conduct its operations in a manner consistent with past operations; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes, the accuracy of the estimates of Lightstream' s reserves and resource volumes; certain commodity price and other cost assumptions; and the continued availability of adequate financing and cash flow to fund its planned expenditures. Although Lightstream believes the material factors, expectations and assumptions on which the forward-looking statements are based are reasonable, no assurance can be given that these factors, expectations and assumptions will prove to be correct.

The forward-looking statements in this press release are not guarantees of future performance and should not be unduly relied upon. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, but not limited to: failure to formalize the amended credit on anticipated terms; changes in commodity prices and exchange rates; general conditions in the oil and gas industry; operational risks in development, exploration and production; unanticipated operating results or production declines; delays or changes in exploration or development plans; the uncertainty of oil and gas reserve estimates; increase in costs; reliance on industry partners; availability of equipment and personnel; changes in tax or environmental laws, royalty rates or other regulatory matters; increased debt levels or debt service requirements; limited, unfavorable or lack of access to capital markets; a lack of adequate insurance coverage; and the impact of competition. Certain of these risks are set out in more detail in our Annual Information Form which has been filed on SEDAR and can be accessed at Except as may be required by applicable securities laws, Lightstream assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Contact Information:

Lightstream Resources Ltd.
John D. Wright
President and Chief Executive Officer

Lightstream Resources Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer

Lightstream Resources Ltd.
Annie C. Belecki
General Counsel

Lightstream Resources Ltd.
Investor Relations
403.218.6075 (FAX)