RE:"Watered Out"?Not sure in what context but I'd think someone was referring to an increasing water cut. If a well increases water production you've likely depleted the oil which moves easier to surface and is displaced by water over time.
As for pta, trading at a generous premium to NAV may be the reason it hasnt been able to sustain a move higher. The warrants obviously come in to play as well and zero chance of a takeout before they expire - IMO.