Energy Prospectus

Dan, what do you think of Macquarie's call for Lightstream to go under within the year, even if
oil prices go up?

<<Macquarie has a 12-month target of $0.00 on Lightstream's equity as the firm believes that CCAA (the term for corporate bankruptcy in Canada) will occur within a year for the company. The upside scenario of an asset sale is marginal at $1.25, although it does consider that a "significant premium" could be had if Lightstream manages to get bought out.>>

<<http://seekingalpha.com/article/2985546 ... areholders>>

BMO Nesbitt Burns is equally pessimistic about survival.

Definitely not what we expected.

The latest LTS conf call, btw, is as usual plausible and confident. They claim to have intl investors interested in acquiring part of their Bakken turf w/ LTS operating at first, and with a likelihood of acquiring the whole play. They plan to have the company in a sustainable operating idle till the storm passes. And the balance sheet as they characterize it sounds survivable, with *no* pressure from lenders at this point (!)

So Dan, the question could be, do you trust their judgment?

Dan, I expect that there are several of us still in this stock and deeply underwater
and would really appreciate your take on the latest analysis. Thank you.

I will take a look at Lightstream when I have time. I had to get through today's luncheons and I have several profiles sitting here for my review.