RE: $50mm worth of successful drilling...The fact is they prefer to ride options to negate risk instead of spending their own money and theres no excuse for management not to buy their own shares.
Nopoo,
I think it's more than risk avoidence. They have an active disdain for their shareholders. If you are exploiting a group of people why would you join them? Also, if they aren't going to buy their shares at these 'bagain' levels why the heck would you?