Lightstream Resources Ltd.
TSX : LTS

Lightstream Resources Ltd.

November 10, 2014 14:03 ET

Lightstream Announces Renewal of Normal Course Issuer Bid and Entering Into of an Issuer Repurchase Plan Agreement

CALGARY, ALBERTA--(Marketwired - Nov. 10, 2014) - Lightstream Resources Ltd. ("Lightstream" or the "Corporation") (TSX:LTS), is pleased to announce that the Board of Directors of Lightstream has approved a renewal to our normal course issuer bid (the "NCIB") and we have entered into an issuer repurchase plan agreement (the "Plan") with a designated broker to allow for the repurchase of our common shares (the "Shares").

The Toronto Stock Exchange ("TSX") has accepted the Corporation's notice to make a NCIB to purchase outstanding Shares on the open market, in accordance with the rules of the TSX. As approved by the TSX, Lightstream is authorized to purchase up to 19,182,776 Shares, representing approximately 10% of the public float of Lightstream, being 191,827,757 Shares as of November 6, 2014. On any trading day, Lightstream will not purchase more than its average daily trading volume over the previous six months, being 234,384 Shares (other than under a block purchase). As of November 6, 2014 Lightstream has 200,636,311 Shares outstanding.

Lightstream is authorized to make purchases during the period from November 12, 2014 to November 11, 2015, or until such earlier time as the NCIB is completed or terminated at the option of Lightstream. Any Shares purchased by Lightstream under the NCIB will be purchased on the open market through the facilities of the TSX and other markets including ALPHA, OMEGA, PURE, Chi-X and Match Now, at the prevailing market price at the time of the transaction. All Shares acquired under the NCIB will be cancelled.

As of November 6, 2014, no purchases have been made under Lightstream's previously announced NCIB.

Lightstream's broker may repurchase Shares under the Plan on any trading day during the NCIB, including during Lightstream's internal trading blackout periods, subject to certain trading parameters set forth in the Plan and to daily and aggregate trading limits pursuant to the rules and policies of the TSX, provided that the broker is not, at such times, in possession of undisclosed material information about the Corporation. The Plan has been reviewed by the TSX and will terminate on the earlier of the termination of the Plan by the Corporation in accordance with its terms, the purchase of the maximum number of Shares under the NCIB or the expiry of the NCIB on November 11, 2015. Lightstream may also repurchase Shares under the NCIB outside the Plan, provided we are not within our internal trading blackout periods, or in possession of undisclosed material information.

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 strategy is to efficiently develop our assets and deliver an attractive dividend yield.

Contact Information

  • Lightstream Resources Ltd.
    John D. Wright
    President and Chief Executive Officer
    403.268.7800

    Lightstream Resources Ltd.
    Peter D. Scott
    Senior Vice President and Chief Financial Officer
    403.268.7800

    Lightstream Resources Ltd.
    Annie Belecki
    General Counsel
    403.268.7800

    Lightstream Resources Ltd.
    Eighth Avenue Place, 2800, 525 - 8th Avenue S.W.
    Calgary, Alberta T2P 1G1
    403.268.7800
    403.218.6075 (FAX)
    ir@lightstreamres.com
    www.lightstreamresources.com