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Epsilon Energy (OTCPK:EPSEF)[TSX: (EPS)] is a Canadian E&P with its principal asset in the United States. Epsilon was managed by what I would qualify as "run of the mill" E&P executives, who spent money drilling left and right without too much success.

Earlier in 2013, John Lovoi, managing partner of the energy focused advisory firm JVL Advisors (and ex-head of Morgan Stanley Oil and Gas investment banking), along with the $10 billion asset manager Advisory Research acquired a 30% ownership stake in the company (at prices ranging from $3 to $4 a share). Epsilon management responded to JVL and Advisory Research position by initiating a strategic review. The review however failed to produce tangible results; in consequence...

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