Lightstream, which has light oil assets in the Bakken and Cardium resource playes in southern Saskatchewan, had been working on a restructuring agreement with its lenders that would have reduced its debt.
However, the company has not been able to reach a “satisfactory settlement deal”, it said, and, as a result, it is now headed for a sale.
The company plans to make a court filing under Canada’s companies’ creditors arrangement act on 26 September, it added.
Lightstream
