Daybreak Oil and Gas Inc (DBRM)

[xiws]

Mav - I see some right, some not so right, in your post...
As usual, I agree with you on some - but will disagree on some others.

>> It's a small time shoe string bare bones slow operation with multiple partners on a lease that's way to large for them to develop.
-- Yep. The first half of that is spot on. shoe string bare bones. A lease thats way to large? Well, sort of. Bigger than they can chew right now, certainly. But (hopefully) moving forward this will be part of the great value.

>> ... after 4+ years that the CEO...
--- Sorry Mav, but Westmorland only became CEO on Oct 2008. Thats a quarter shy of 3 years. Should more have been accomplished? yes, I think so too. I've been a shareholder for longer than Jim's been CEO. I, too, am disappointed. But I'm also mostly optimistic. Not without reason, I think.

>> I heard years ago that there was to be a build out of 50-65 wells on this lease.
-- Well, I do think that's the dream and long-term plan, and there is room for it, but nothing like that has been claimed in the shorter term. The June 2009 Shareholder Letter (8 months after Westmoreland became CEO) was very, very plain. Copy on the company website. It reads:
"Our priority during 2009 is to drill and complete three to five development wells at our Sunday and Bear locations in California, and finalize the construction of permanent production facilities."
That's during 2009. They did just what they said they were going to do. Would I have liked more? Yes. Did they bait and switch? No. Read the 2010 report - very clear, rather conservative, and they delivered what they said they would. We don't have a 2011 shareholder letter yet. Would I like one? Yes.

Should we have to be the primary cheerleaders? No. I do think a bit more PR on actual accomplishments would be better. Not fluff, not optimistic shilling. just good news about good things.
I'm pretty sure that Ed Capko (PR/IR) thinks that they should share more good news too. But CEO decides that strategy. I've personally shared my opinion on that with Jim.

You keep saying all these things that Westmoreland should do.
Have you actually called him to pitch your recommendations? If not, then do so. That's your right as a shareholder. But don't count on him reading this forum and changing his policy based on your posts.