Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/lightstream-to-sell-the-remaining-assets-in-saskat.shtmlLightstream to sell the remaining assets in Saskatchewan Conventional business unit
Lightstream Resources Ltd. has entered into an agreement with Crescent Point Energy Ltd. to sell the remaining assets in the company's
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Lightstream Resources Ltd. has entered into an agreement with Crescent Point Energy Ltd. to sell the remaining assets in the company's southeast Saskatchewan Conventional business unit for gross proceeds of $378.4 million, including $375 million in cash proceeds plus certain Bakken lands within the Creelman enhanced oil recovery (EOR) project area valued at $3.4 million (the Transaction).
Upon the successful closing of the Transaction, the company's liquidity will increase to over $600 million and will reduce secured term credit facility by $150 million to $1.15 billion. Lightstream are also providing updated guidance to reflect the effect of this divestiture.
The Transaction consists of approximately 3,300 boepd of production (96% light oil) and 13.2 million boe of proved plus probable reserves.
