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Lightstream Restricts 1Q Drilling as it Looks to Improve Balance Sheet
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Lightstream Resources Ltd. announces first quarter 2016 financial and operating results.
Key Points: Borrowing base was reduced from $550 million to $250 million in April - Currently the Company has $371 million outstanding under the credit facility In our Bakken business unit we brought one well on production in the first quarter of 2016 We are evaluating a number of options including alternate first lien financing, asset sales and negotiated subordinated debt restructuring alternatives Highlights: First quarter average production was 26,350 boepd (68% light oil and liquids weighted), a decrease of 7% from the previous quarter. The decline is mainly attributable to third party facility restrictions on non-operated production and reduced development capital spending, resulting in well…- ✓ Full news archive — U.S., Canada & international coverage
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