Wednesday, June 10, 2015

Lightstream Resources - LTS.t

Lightstream Resources - LTS.t (formerly PetroBakken Energy Ltd.) is a light oil-focused exploration and production company with an extensive portfolio. Principal operating areas include southeastern Saskatchewan targeting the Bakken formation and conventional Mississippian reservoirs, central Alberta on the Cardium formation, and north-central Alberta exploring for light oil.

The company has significant land holdings in the Horn River and Montney plays in northeast British Columbia.

On May 21, 2015 the company reported News

" 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.