RANDY KWASNICIA & COLIN WATTI highly recommend that contributors to the board look at two board members:
Randy Kwasnicia, B.Comm, B.A. Mr. Kwasnicia was co-owner of private oil and gas drilling contractors, Excalibur Drilling (1994-2004) and Paragon Drilling Ltd. (1987- 2004). Current President of Bralin Management Ltd. Member of the Corporate Governance, Compensation and Compliance Committees DIRECTOR OF STONEHAVEN EXPLORATION
Colin Watt B.Comm Mr. Watt is the President and CEO of Lynden Energy Corp (since 2005) and President of Squall Capital Corp., a private Canadian-based financing company Member of the Audit Committee DIRECTOR OF STONEHAVEN EXPLORATION
Look at their involvement with Donnybrook, Donnycreek, Stonehaven and Lynden Energy Corp.
Please have a look at how Stonehaven has performed, and also when the company (Donnybrook) rolled back the stock 40 for 1. Yup a 40 for 1 rollback. How has that worked out for shareholders. The stocks been hitting 52 week lows regularly.
I leave it to the employees to comment, if I am missing anything. I am totally willing to listen to comments on how these two directors bring value to the Kicking Horse board. Really, I am interested in having comments on their contribution. I am just pointing out the information available. You can gain understanding of directors by the companies they sit on and the action taken in those companies.
The last quarter for Stonehaven indicated the following:
Funds Flow from Operations and Funds Flow from Operations
Petroleum and natural gas revenue $275,348
Crown royalties (5,828)
Producing and operating expenses (224,422)
Exploration and evaluation expenditures (3,986)
General and administration (254,521) That is a significant increase over the previous quarter.
Interest income 14,778
Funds flow from operations (198,631) That is a LOSS
That is a loss of $198,631 on revenue of $275,348. Most important is the Salaries ( G&A) $254,521 for one quarter. That is very large G&A for the revenue they are making. Why are the directors accepting this G&A? Why are they accepting increases in G&A?
Why are Randy and Colin accepting this G&A?
How is that working out for investors in Stonehaven?
This is a company with very high G&A $254,521 for the quarter on $275,348 Revenue. The two directors in common with Kicking Horse are Randy and Colin.
When funds and investors are doing their due diligence these little items get noticed. I noticed it.
In these challenging times, you need all the pieces to fit, does a company with low management ownership, significant debt and near term land expiries meet those challenges. Ask you broker/adviser the questions. Look into the directors and their previous actions. I know others will do the same.
Please let me know if I have missunderstood the filings of Stonehaven, and have noted anything in error. My information was gathered from SEDAR filings and have relied upon public data.