CALGARY, ALBERTA--(Marketwired - April 23, 2013) - PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (PBN.TO) is pleased to announce that we have mailed our meeting materials with respect to the annual and special meeting of shareholders to be held at 9:00 a.m. (Calgary time) on Wednesday, May 22, 2013, at the Telus Convention Centre (MacLeod Hall D) in Calgary, Alberta (the "Meeting"). The Meeting will also be available via webcast, with details to be released closer to the Meeting date. Meeting materials will be available online through our website at www.petrobakken.com or on our SEDAR profile at www.sedar.com.
We are also pleased to announce that the management and Board of Directors of PetroBakken are proposing to change the name of the Company to Lightstream Resources Ltd., subject to approval of our shareholders at the Meeting. At corporate inception, the name "PetroBakken Energy Ltd." was chosen to reflect the focus of our asset base in the Bakken and the ownership structure within the Petrobank Energy and Resources Ltd. group of companies. Since that time, although the Bakken continues to be a core part of our strategy, the Company has diversified our asset base to include other significant operating areas, such as the Cardium business unit, which is focused on central Alberta assets. The Company also is no longer majority owned by Petrobank following the distribution of Petrobank's ownership interest to its shareholders at the end of 2012. Given the changes to our asset base and ownership structure, the Company believes that the adoption of this new name is appropriate to accurately reflect our business. The name Lightstream Resources Ltd. was chosen to reflect our commitment to the innovative development of long life, light oil plays which deliver growth and a stable dividend to our shareholders. It is anticipated that the name change will become effective immediately following the Meeting, assuming approval by the shareholders at the Meeting.
PetroBakken Energy 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. PetroBakken is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.
- Investment & Company Information
John D. Wright
President and Chief Executive Officer
PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
PetroBakken Energy Ltd.
William A. Kanters
Vice President, Capital Markets