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Cardium/Bakken E&P Borrowing Base Sliced 50%; Issues Warning
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Lightstream Resources Ltd. has announced that the semi-annual borrowing base re-determination under our syndicated secured termed credit facility has been completed and the borrowing base has been reduced from $550 million to $250 million.
The borrowing base is set by the lowest determined amount by any one member of the 16 member syndicate; the range was from $250 million to $380 million.
Currently the Company has $371 million outstanding under the credit facility including issued letters of credit. Under the terms of the credit agreement, the company has 90 days to cure the shortfall before triggering an event of default. The Company has cash on hand, regular monthly oil and gas revenue, and intends to continue with normal operations during the cure period.
In addition, the company…
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