Lightstream Resources Ltd. LSTMF

RE:Press release

[kmapp]

Highlighted the critical parts of this news release below. Looks like time is running out very quickly. 90 days to come up with the balance shortfall of $121 million. Then to make things even worse only 45 days to fund junior interest debt payment obligation due June 15, 2016 which LTS hasn't disclosed the amount due in the news release, does anybody know how much is due June 15? Wonder when the Q1 CC will be and if any information on the attempts to solve this crisis will be forthcoming, no dates listed on the LTS web site investor calendar yet? Wouldn't expect any good news from the CC or the results of Q1 as the oil price average for that 3 month time period was a lot worse than it is now, low $30's per barrel??? Don't know if JW can pull a rabbit out of his hat to get LTS out of this one, looks like all the naysayer posters were right on this, whatever you do please don't gloat about it as many, many investors stand to lose a lot, myself included. Don't know what to do now, wait to see if a sale or financing comes through or try and get what scraps are left of my 500k now before it's 0??? OUCH. kmapp

https://www.marketwired.com/press-release/lightstream-announces-semi-annual-borrowing-base-re-determination-under-credit-facility-tsx-lts-2120134.htm

Al42 wrote:

Press release from Marketwire

Lightstream Announces Semi-Annual Borrowing Base Re-Determination Under Credit Facility

Monday, May 02, 2016

 

Lightstream Announces Semi-Annual Borrowing Base Re-Determination Under Credit Facility

06:00 EDT Monday, May 02, 2016

CALGARY, ALBERTA--(Marketwired - May 2, 2016) - Lightstream Resources Ltd. (the "Company" or "Lightstream") (TSX:LTS) announces that the semi-annual borrowing base re-determination under our syndicated secured termed credit facility has been completed and the borrowing base has been reduced from $550 million to $250 million. The borrowing base is set by the lowest determined amount by any one member of the 16 member syndicate; the range was from $250 million to $380 million. Currently the Company has $371 million outstanding under the credit facility including issued letters of credit. Under the terms of the credit agreement, we have 90 days to cure the shortfall before triggering an event of default. The Company has cash on hand, regular monthly oil and gas revenue and we intend to continue with normal operations during the cure period. In addition, we continue to pursue various strategies to improve our balance sheet and liquidity position, including alternate first lien financing, asset sales and negotiated restructuring alternatives, which we are targeting to have completed or well in progress prior to June 30, 2016. However, if we are unable to execute on an appropriate strategic transaction in a timely manner, based on current commodity prices, our funds flow from operations is not expected to be sufficient to fund our upcoming junior debt interest payment obligations, the first of which is due June 15, 2016.

Lightstream Resources Ltd. is an oil and gas exploration and production company focused on light oil in the Bakken and Cardium resource plays. We are committed to delivering industry leading operating netbacks, strong cash flows and consistent operating results through leading edge technology applied to a multi-year inventory of existing and emerging resource play opportunities. Our long-term strategy is to efficiently develop our assets and deliver an attractive dividend yield.