Lightstream Resources Ltd. LSTMF

results out

[valuedude1]

ightstream Announces Third Quarter Results

21:36 EDT Thursday, October 30, 2014

CALGARY, ALBERTA--(Marketwired - Oct. 30, 2014) - Lightstream Resources Ltd. (the "Company" or "Lightstream") (TSX:LTS) is pleased to announce our third quarter financial and operating results and provide an update on our Swan Hills program.

THIRD QUARTER FINANCIAL & OPERATING HIGHLIGHTS

• In the third quarter, we exceeded our asset divestiture goals with the sale of the remainder of our southeast Saskatchewan conventional business unit for gross proceeds of $476 million, resulting in total 2014 proceeds from non-core dispositions of $729 million.
• Year-to-date, we have reduced our debt by $716 million through divestiture proceeds and excess cash flow, a 31% decrease from year-end 2013 levels.
• Including the impact of our non-core asset sales this year, third quarter production averaged 38,837 barrels of oil equivalent per day ("boepd") (78% light oil and liquids), a 9% decrease from the second quarter of 2014.
• Our operating netback for the third quarter was $48.67/boe, an 11% decrease from the third quarter of 2013, mainly due to weaker commodity prices and slightly increased production costs.
• Funds flow from operations was $131 million ($0.65 per basic share) for the quarter, representing a 27% decrease from the third quarter of 2013 as a result of lower production and weakened commodity prices.
• Capital expenditures before acquisitions and dispositions totalled $90 million in the third quarter, a 36% decrease from the same quarter a year ago, and resulted in 18 wells drilled, 8 wells brought on production and 14 wells in inventory at the end of the quarter.
• We completed our Swan Hills area technical review and confirmed that this area remains a long-term growth platform for the Company.

SUMMARY OF RESULTS

		Three months ended  September 30,			Nine months ended  September 30,
		2014		2013	2014		2013
Oil and natural gas sales		269,177		331,814	920,963		962,764
Funds flow from operations (1)		130,950		179,713	482,954		524,911
	Per share - basic ($)(1)	0.65		0.91	2.41		2.70
Adjusted Net income (loss)(1)		6,935		52,031	89,536		2,990
	Per share - basic ($)(1)	0.03		0.26	0.45		0.02
Capital Expenditures(2)		90,164		141,124	350,696		559,980
Net Capital Expenditures(1)		(372,259	)	139,212	(363,830	)	564,614
Total debt (1)					1,557,817		2,195,808
Dividends per share ($)		0.12		0.24	0.36		0.72
Common Shares, end of period (000) (3)					200,466		198,520
Operating netback ($/boe) (1) (4)		48.67		54.75	54.24		51.50
Average daily production (boe) (4)		38,837		45,160	41,750		46,746

(1)	Non-GAAP measure. See "Non-GAAP Measures" section.