Lightstream Resources Ltd. is preparing to enter the new year with a new identity and owners but the same management team following the sale of the Calgary-based company’s oil and gas assets to its creditors.
Ridgeback Resources Inc. officially takes over the Lightstream business on Jan. 1, following a court-supervised sale process that closed Friday.
Its creditors received shares in the new firm based on how much Lightstream debt they held.
The companies say the Lightstream management team has resigned but has been hired by Ridgeback, along with other Lightstream personnel. John Wright, formerly Lightstream’s president and chief executive officer, also joins the Ridgeback board.
Ridgeback is planning to commence a new operated drilling program in January, the company said Friday.
The company’s assets are focused on light oil production from the Bakken and Cardium formations spanning several states and provinces including Saskatchewan and Alberta.
© 2016 The Canadian Press