An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014.
Lightstream Resources Ltd., which has been under creditor protection, said a Calgary court has approved the sale of its oil and gas assets to a newly formed company.
Lightstream said privately held Ridgeback Resources has agreed to purchase the company, and holders of Lightstream's secured notes will get pro rata shares in Ridgeback.
The company sought creditor protection in September after it failed to reach a settlement with unsecured bondholders opposed to a restructuring proposal. Lightstream had struggled with high debt as global crude prices crashed in late 2014, squelching its wherewithal to develop its properties while servicing the leverage.
Its shares were delisted from the Toronto Stock Exchange in October.
Jeffrey Jones