General News

PetroBakken Changes Name to Lightstream Resources

Share Print Bookmark    |    Wednesday,May 22,2013

PetroBakken Energy Ltd. reported that shareholders have approved its name change to Lightstream Resources Ltd., which will be made effective immediately.

In conjunction with our name change our stock symbol is replaced with "LTS" on the Toronto Stock Exchange. This change will be effective in 2-3 business days.

Over the last several years, our asset base has grown to include a diverse portfolio of light oil resource plays focused in Alberta and Saskatchewan, and we are no longer an affiliate of our former parent company, Petrobank Energy and Resources Ltd. Our business plan remains unchanged, however the name change better reflects our corporate evolution and the company we are today.

The new name, Lightstream Resources Ltd., represents our strategic focus on effectively developing light oil resource plays to deliver growth and a sustainable dividend for our shareholders. We are committed to maximizing recoveries at the lowest possible cost through the application of innovative ideas, while staying true to our core values and the best interests of our shareholders, stakeholders and employees.

In addition to approving the name change, shareholders voting at the annual general and special meeting of shareholders held on May 22, 2013 considered the following matters:

Election of Directors

By resolution passed via ballot, each of the eight nominees proposed as a director were elected as directors of the Company to serve until the next general meeting of shareholders, or until their successors are elected or appointed. The results of the ballot were as follows: