Lightstream Resources Ltd. LSTMF

Stock buy back program

[galaxyr]

It appears that Petrobakken has stopped the buy back program.   I have not been able to find any recent buy backs since Dec 23rd.   Petrobakken had reduced the amount of repurchasing it was doing during the last month.  They had normally bought back between 12000-15000 shares a day.  After the 3rd quarter results they reduced the buy back to between 4000-5000 shares per day.

Petrobakken appeared to be running into cash flow problems and that is why I thought they reduced the amount of buy back to 4-5000 a day.  It appears they have stopped the buy back all together now.  I would have thought with the recent run up in oil prices that there cashflow would be enough.

The press release in Dec states that production is still behind schedule and that they believe that by the end of the 1st quarter they will be back on schedule.  They also announced that the 11 Cardium wells where producing approx 240 bpd.   I guess that the new wells are only slowly adding to production as the Bakken and Cardium wells both deline in production as time goes on.   I would guess that current production is approx 42,000 bpd.   During the 3rd quarter results Petrobakken indicated that as of Nov they where producing approx 41,000 bpd.  Given that the production levels of existing wells decline overtime, It might be safe to assume even though the new 11 wells produce approx 2700bpd that existing production wells may have decline approx 2-3% since the last report giving an average of approx 42,000bpd give or take 1000.

Does anyone know if they have suspended the share buy back and what the current cash reserves are.  It was also mentioned before that Petrobakken may reduce the .08 cent monthly dividend to save cash.

Any thoughts.