The sale of Lightstream Resources Ltd. to Ridgeback Resources Inc. closed on Dec. 29, a press release said that day.
Newly formed Ridgeback, owned by former holders of Lightstream’s second-lien secured notes due 2019, now owns and operates the former business that operated in the Bakken and Cardium plays.
Ridgeback secured a new CA$400 million borrowing base facility that provides more than CA$100 million in liquidity. The syndicate of lenders was comprised of the five large Canadian banks.
Ridgeback also raised additional capital through US$39.3 million of second-lien notes maturing in 2020, purchased by certain Ridgeback shareholders and affiliates.
Ridgeback plans to begin a new operated drilling program in January 2017, the press release said.
Effective Dec. 29, all of Lightstream’s directors resigned. John D. Wright was appointed to Ridgeback’s board of directors. He is formerly president and CEO of Lightstream. Lightstream’s management team was hired by Ridgeback, along with all other personnel who moved to Ridgeback.
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