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Lightstream to sell the remaining assets in Saskatchewan Conventional business unit


Published Sep 4, 2014
Lightstream Resources Ltd.-2

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.

Tags: Lightstream Resources Ltd.




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