Lightstream Resources has closed in on a $378million asset sale, resulting in a string of future possibilities
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The sale comes from the gas and exploration firm’s remaining assets in the south-east saskatchewan conventional business unit and will accelerate the company’s Creelan oil recovery, eliminating $38.5million worth of future abandonment and reclamation liabilities on the balance sheet. It will also reduce capital expenditure guidance for 2014 by $15million.
Proceeds for the payments came in a cash consideration of $375million add three parcels of Bakken rights valued at $3.4million – the cash will be applied to corporate debt that currently sits at $1.5billion.
These attributes will allow to the company to focus on its operations such as its three rigs in the Cardium business unit and a fourth rig in the Bakken business.