Shareholder activism doesn't necessarily need to center upon the large cap companies of the world. Teton Energy (TEC), with a market cap of $81.5 mln, is feeling the pressure from a small outfit called First NY which has ties to bigger operators in the LBO world.
This 13D SEC filing is way under the radar, but interesting, indeed: http://sec.gov/Archives/edgar/data/1111629/000092242307000759/kl06023.htm. Item 4 is especially noteworthy, as is Exhibit B.
I have no position.