Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

PetroBakken Energy Ltd. Changes Name to Lightstream Resources Ltd. and Announces Voting Results from Shareholder Meeting


PetroBakken Energy Ltd. Changes Name to Lightstream Resources Ltd. and Announces Voting Results from Shareholder Meeting

CALGARY, ALBERTA -- (Marketwired) -- 05/22/13 -- PetroBakken Energy Ltd. (TSX:PBN) ("PetroBakken" or "the Company") announces that our shareholders have approved our name change to Lightstream Resources Ltd., which will be made effective immediately. In conjunction with our name change our stock symbol is replaced with "LTS" on the Toronto Stock Exchange. This change will be effective in 2-3 business days.

Over the last several years, our asset base has grown to include a diverse portfolio of light oil resource plays focused in Alberta and Saskatchewan, and we are no longer an affiliate of our former parent company, Petrobank Energy and Resources Ltd. Our business plan remains unchanged, however the name change better reflects our corporate evolution and the company we are today.

The new name, Lightstream Resources Ltd., represents our strategic focus on effectively developing light oil resource plays to deliver growth and a sustainable dividend for our shareholders. We are committed to maximizing recoveries at the lowest possible cost through the application of innovative ideas, while staying true to our core values and the best interests of our shareholders, stakeholders and employees.

In addition to approving the name change, shareholders voting at the annual general and special meeting of shareholders held on May 22, 2013 considered the following matters:

Election of Directors

By resolution passed via ballot, each of the eight nominees proposed as a director were elected as directors of the Company to serve until the next general meeting of shareholders, or until their successors are elected or appointed. The results of the ballot were as follows:


 
                               Votes For                  Votes Withheld    
                         ---------------------------------------------------
Director Elected              Number   Percent             Number   Percent 
----------------------------------------------------------------------------
Ian S. Brown              45,203,101     86.98%         6,763,893     13.02%
Martin Hislop             48,010,427     92.39%         3,956,567      7.61%
Craig Lothian             47,919,695     92.21%         4,047,299      7.79%
Kenneth R. McKinnon       46,408,857     89.30%         5,558,137     10.70%
Corey C. Ruttan           48,127,631     92.61%         3,839,363      7.39%
Dan Themig                49,916,072     96.05%         2,050,922      3.95%
W. Brett Wilson           40,859,770     78.63%        11,107,224     21.37%
John D. Wright            45,517,388     87.59%         6,449,606     12.41%

Appointment of Auditors

By a resolution passed by ballot, Deloitte LLP was appointed as auditor of the Company to hold office until close of the next annual general meeting or until their successors are duly appointed.

Amendment to Bylaw No. 1

By resolution by ballot, shareholders did not approve the amendments to bylaw no. 1 of the Company to provide for, among other things, advance notice provisions with respect to the election of directors. We proposed the amendment to our bylaws to provide for advance notice provisions as we are of the view that allowing reasonable time for our shareholders to consider proposed director nominees represents good governance. However, our provisions did not conform in minor ways with the forms recently suggested by proxy advisory firms. We plan to make conforming minor amendments to these provisions and adopt an amended bylaw no. 1 to be voted on by shareholders at our next annual general meeting.

Lightstream Resources Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. Lightstream is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield. Contacts: PetroBakken Energy Ltd. John D. Wright President and Chief Executive Officer 403.268.7800

PetroBakken Energy Ltd. Peter D. Scott Senior Vice President and Chief Financial Officer 403.268.7800

PetroBakken Energy Ltd. William A. Kanters Vice President, Capital Markets 403.268.7800 ir@lightstreamres.com www.lightstreamresources.com

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement