RE: great story but.......Not worried at all. Why would would they sell their $.14 warrants at $.14 when they are due after May 2012. Too much potential for wells to come online uping production barrels.
Unless someone really really needs the cash, suspect these will sit in the bank until end of April 2012 at minimum.
Looks like it wants to take off but a lot of cheap shares were purchased over past months so price is being kept down by selloffs each time SP attempts upward move. But these shares are running dry and looks favorable for uptick. Just needs a small catalyst like start of the drill bit, flow updates, etc.
A bit of patience and this should hit the twenty's - oil price rising as well. Perhaps at mid twenty's the warrants will become an issue as you suggest!
Just my 2 cents.