The company says the change to Lightstream Resources Ltd. reflects the fact that it's not just focused on the Bakken region in Saskatchewan and North Dakota anymore, but has become big player in other light oil areas such as Alberta's Cardium formation.
As well, PetroBakken is no longer majority owned by PetroBank Energy and Resources Ltd. (TSX:PBG).
Shareholders will vote on the name change at the company's annual meeting on May 22.
"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 company said in a release.
"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."
PetroBakken was formed in 2009 through the merger of TriStar Oil and Gas and PetroBank's Canadian business.