RE:NO volume, NO buyers No buyers OR sellers. You are making the fundamental mistake of thinking that this stock was at a certain price at $70 oil so it must return to that price at $70 oil. This ignores everything that has happened since then, chiefly debt reduction which has added almost $3 in share price alone. Also, the company still makes a lot of money at this level, and with the bad hedges from 2022 gone, it's cash flow at $75 now is similiar to what it was at $90 in 2022 with those hedges in place.
Finally, with all the share buybacks going on, there are less and less traders to flip shares. We are left with the majority of people who own shares seeing enormous value and opportunity. The 25 million shares that traders were trading around among each other have been bought back and cancelled. So the price volatility is lower with more sophisticated, long term holders.
As I said when oil was $120, we don't need oil to be high for BTE to increase in value and the share price to go up. It could be $70 for a long time and the share price will go up. It's all about the area under the curve. A quick spike to $120 and drop doesn't give us a lot of area under the curve which equals cash flow and value. Hanging around above $65 for as long as we have does.