Ann: LNC Oil and Gas Division Results for Third Q, page-18

re: Ann: LNC Oil and Gas Division Results for... Sales are at an all time high so I don't see the problem from this end of the world.

And Al, you're complaining about the company using some creative accounting while doing the same. You seem to be making the assumption that at NO POINT IN TIME did the production for the last quarter reach either parity with or exceed the exit rate from Dec. That's not been said, so while you can assume it, you don't know it. Apples to Apples requires that you compare LIKE numbers, which in this case are averages. Linc never said 4667 NET Bopd was or would be an immediate average. It was a peak production figure and was reported alongside an average production figure for clarity. Perhaps some people missed that.

Perhaps the some people missed that Scott Brousard's [spelling?] performance options are linked to his achieving a 6000Bopd AVERAGE production rate for a calendar month [it's in the annual report], so averages seem to be what the company deems important too.

I do agree with you one a few points like I always do though, the clearest being that the company has caused confusion with it's reporting of exit rates. Which are completely irrelevant.

Flip it. If the number you're looking for [peak production] was, for this quarter, was 3000Bopd but the next quarter was 6000bopd would you credit the company for having doubled their production in three months and overcoming the hurdles of depletion? I doubt it. It's more likely you would revert back to the Dec figure and ride management for only increasing production by 1500bopd!

I understand your math, I just think it's hypocritical.

Sales are up Q on Q and that's a good thing. Full stop.