CORRECTED-BRIEF-Lightstream Resources cuts dividend by 50 pct to C$0.04/SHR

Thu Nov 21, 2013 1:50pm EST
 
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(Corrects headline to say the company is cutting its dividend by 50 pct, not increasing it by 50 pct. Removes reference to October) Nov 21 (Reuters) - Lightstream Resources Ltd : * Announces 2014 capital plan and production guidance * Executing FY 2014 capital program of $525-575 million while maintaining production levels similar to 2013 * Says targeting over $600 million of non-core asset sales by the end of 2015 * Says capital plan represents decrease of about 25% from estimated 2013 capital spending & 42% from 2012 levels * Forecast 2014 base decline rates to be in the range of 26-29% * Exit production rate of 46,000 to 48,000 boepd for 2014 * Says in 2015, forecasting a continued reduction in base declines to 24-27% * Forecast our base decline rates to be in the range of 26-29%, a further decrease from 31% in 2013 * Terminating dividend reinvestment plan and share dividend plan and reducing dividend by 50% to $0.04 per month * Source text for Eikon * Further company coverage (Reporting by Swetha Gopinath in Bangalore)