RE: HOC-T and DFRYou comparison is very selective and biased. HOC is an outstanding success story. Plus it is a different animal. HOC has market cap of over $1 billion. DFR $45 mm.
By comparison, 90% of junior oil and gas stocks are crap. Look at DEE, MSY, GWE, GNY, MOX, RVE, GCA, FG.A, etc.
Yes, some are crap, like GCA and FG.A.
But some underperformed due to falling commodity prices and taking on too much debt when prices high (which caused Debt/CF to balloon due to the changing denominator).
DFR had disappointing year in 2006 - yes, that's true. But they are about to have a great 2007.
Irrespective, it is not appropriate to use an outstanding success story as a comparison to everybody else (which of course would vastly underperform - even the decent ones) and call the other companies crap.