RE:RE:RE..SO CHEAPplease do not take personally but you are mistaing price for value- you can't pick stock based on share price, you pick stocks on evaluations;
it may be all the time high but it may be cheap because 1. it will go higher (as for your pricing criteria) and 2. the risk is reduced because unknown variables became clearer an intrinsic value appears to be higher;
when you say it is not cheap, you refer only to price, when I say it is even cheaper now (when price went up 40% or so) than it was at let say 0.27 cents or lower because the drill results and expectations rise and it becomes less risky for the reason of results but it doesn't mean that intrinsic value is fully reflected in stock price.
So my point the cheap stock, is undervalued stock , not because of high or low movements in price but because its intrinsic hidden or potential value which will disclose itslef little by little in the future; that's what happened when they released drill results - stock went up 40% but it doesn't mean that somebody missed the boat, it means that it is maybe only the start for much higher price appreciation due to new discoveries or in comparison to peer of the industry to current assets of the company