CALGARY, July 7, 2014 /CNW/ - Stream Oil & Gas Ltd. (TSX-V: SKO) ("Stream" or the "Company") announces that it has entered into a Letter of Intent ("LOI") to arrange the issuance of a debenture of up to Cdn$5.0 million to Letho Resources Corp. ( TSX-V: LET) ("Letho"). Terms of the debenture are being finalized and are expected to include a right of Stream to convert the debenture into shares of Stream and pre-payment privileges, subject to regulatory approval. The Company is arranging the debenture for its capital expenditure program and general working capital purposes.
In connection with the proposed debenture agreement, Robert Hall, President and Chief Executive Officer of Letho, joins Stream's Board of Directors (the "Board") effective July 7, 2014. Mr. Hall brings to Stream over 10 years of experience in management of both public and private companies. In addition to his role at Letho, he is the CFO and a director of Doubleview Capital Corp. Mr. Hall is also active as a director of Arctic Hunter Energy Inc. and Windfire Capital Corp. Stream looks forward to Mr. Hall providing strategic and financial expertise to Stream's future direction.
Marlowe Allison has resigned effective July 3, 2014 as a Director of the Company for personal reasons. Mr. Allison had been a Director of the Company and Chairman of the Audit Committee since 2011, providing guidance and support in a number of areas during his tenure, including improvements to Stream's financial reporting process.
"I would like to welcome Robert to the Board while sincerely thanking Marlowe for his contribution to Stream," said Dr. Sotirios Kapotas, President and Chief Executive Officer. "Marlowe's dedication to the Company and guidance in financial areas was extremely valuable over the past few years. On behalf of the Board and Stream, I wish Marlowe all the best in the future."
About Stream Oil & Gas Ltd.
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oilfields and a gas/condensate field in Albania. The Company's strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.