I must admit I was surprisedwith the amount of sellers during the meltdown. I kept waiting for support to kick in and even at the end of the day Friday folks were selling their shares for 26.5 cents. These folks must have been in earlier when the stock was in the teens and took less profit than they would have liked. Else why would someone have enough faith to buy at mid forties and sell at the mid twenties not long after? What were they basing their original purchase criteria on...one upcoming update or the fundamentals of the company?
I was also surprised the previous week when the volume spiked on the buy side one day and pushed the price mid day to 52 cents. Was it a bait or a micro cap fund spreading around some venture exchange purchases, or perhaps an investor that heard some of the news on the great pay length on one of the wells and missed the piece on the dry well or the flow rate of just 1.25 mmcfpd through such a small choke? 230 feet of pay seems like a very good number even if it needs some viagra to get it out of the ground with more than the posted volume of 1.25 mmcfpd.