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 firstname.lastname@example.org 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.
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 ability of the Company to continue normal course business operations and the payment of all service providers, suppliers and contractors as it pursues completion of its restructuring under the CCAA. 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 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, the Company may not be able to continue normal course business operations and the payment of all service providers, suppliers and contractors as it pursues completion of the CCAA restructuring, the recapitalization may have an effect on the Company other than what is currently anticipated, the pursuit of the restructuring and related activities may divert management time and attention away from other business matters, and that the Company's business is exposed to commodity price and exchange rate fluctuations and changes in the general conditions in the oil and gas industry and in general economic conditions. 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.
John D. Wright
President and Chief Executive Officer
Peter D. Scott
Senior Vice President and Chief Financial Officer
Annie C. Belecki
Lightstream Resources Ltd.