Lightstream Resources Ltd. LSTMF

RE:RE:RE:Coming quarterly results...

[jerrybe]

Thanks JohnDD, as I said, I am not selling my stake here. The firm is definitely "in play" and the metrics for the Bakken should be quite nice. Every day oil prices go back up helps LTS get into a better bargaining position.

Sooner or later CPG or VET will make a move. I definitely want them to buy the entire firm. 

For all those who care about how this firm is run, please check the Annual Information Form ahead of the shareholder meeting. The compensation they served themselves for 2014 is the highest yet. Quite incredible to deserve "bonuses" in the millions for being one of the worst performers in the last year and since IPO (IPO price was $35!!).

They are extremely vague on what constitutes valid benchmark but specifically state that the stock is not in the control of management and that they have operational metrics in considerations. I guess they can always hide behind high netbacks, the only metric along which the firm looks half decent. In terms of operations, the firm is shrinking every year. And LaPrade, the COO, really has to go here (obviously John Wright should go but he is the ruler and will not go until an activist knocks at the door). The Swan Hills debacle has been left unpunished. How does the COO overlooking constant cost overruns in the Cardium, a debacle in the Swan Hills and what can only be qualified as ultra-slow EOR efforts in the Bakken still keep his job and get a big bonus? The board is a complete joke. The management team has been in place since the beginning, running the show in all impunity and have grossly mismanaged the firm. The fact that they were still paying a dividend until recently while running debt levels to the tilt should make anyone quite concerned. 

As we languish around $1.5, a deal that bring back the stock price to $3-$5 makes recent shareholders salivate but long-term shareholders have been burnt and will not recover. I accept it, I would gladly exit at $5 and reinvest elsewhere but ever that is a long-shot. 

I have voted against the board's recommendation on every single dimension and hope every individual shareholder will also do that. Remember we have almost no institutional shareholders left at this point. As another poster put it, Wright got a higher approval rate last year than the year before. Let's show them they cannot always get away with how they are running the firm.