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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost 58 cents to $80.54 on the New York Merc, while Brent for December lost 38 cents to $85.86 (all figures in this para U.S.). Western Canadian Select traded at a discount of $15.40 to WTI ($65.14), down from a discount of $14. Natural gas for December added 4.6 cents to $3.87. The TSX energy index added 5.38 points to close at 260.59.

John Wright's Lightstream Resources Ltd. (LTS) lost 23 cents to $2.98 on 6.25 million shares, its first time ever below $3. The stock has lost two-thirds of its value in the last four months and over 90 per cent of its value since its October, 2009, listing price of $34.60. Yesterday evening, it released its results for the third quarter, further displeasing investors. Adjusted net income fell to $6.9-million from $52-million a year earlier. Production was 38,837 barrels of oil a day, down from 45,160 barrels a day, mainly reflecting asset sales. Lightstream arranged one such asset sale in early September and reduced its 2014 guidance as investors expected. Today, unexpectedly, it reduced it again: The new year-end target is 36,000 to 37,000 barrels a day, down from the previous target of 36,500 to 39,500 barrels a day, because of delays in the core Cardium play. Investors showed their displeasure during a 97-minute conference call this morning. Over the course of the 83-minute question-and-answer period, they advised or simply complained that the company is badly run, the board and management are paid too much, the dividend (which yields 16.1 per cent) is unsustainable, costs and spending are too high, and (from one caller) the conference call is taking too long. There was plenty more, but the general opinion was that Lightstream should cut its spending (including the dividend) and start buying back shares and paying down debt. President and chief executive officer Wright, who did not emerge unscathed from the call, said Lightstream is planning a "full-day strategy session" today to consider its next steps.

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