Lightstream Resources Ltd. LSTMF

Energy Oil & Gas E&P

"Lightstream Resources Ltd is engaged in the exploration and development of oil and natural gas in Western Canada. Its operating areas include Southeastern Saskatchewan, Central Alberta, and North-Central Alberta."

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Lightstream Resources Ltd.

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Comment by ltrabson May 09, 2014 11:04am

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Post# 22543721

RE:1Q Results

Hi John,
I to have been trying to fathom the BC/Alta.$112 million land sale.

- March 3 2014 News Release says sold 1,700 boepd of production (66% natural gas weighting), 3 MMboe of 2P reserves, and 41,000 net acres for expected gross proceeds of $112 million.(54 sections)
- Q1 release refers to Cardium business unit sold 1,200 boed of non-Cardium production.
- Latest plate 4 shows we sold 60 drill locations.
- Latest plate 24 shows we sold 14 Montney sections.

We sold the 14 Montney sections in what was called Monais BC. which was likely the 60 drilling locations.
We must have sold rights to 40 sections in the Cardium,
probably gas rights sitting below the cardium oil formation.

thats my take on it.