RE:Why the panic selling? My take on it all, even though superbly crafted they did not specify anything with certainty, those early announcements, were overly optimistic and folks bought in not realizing oil exploration is a marathon and not a sprint. Thus the "nervous nellies" are bailing as reality sinks in and these scavenger law firms are agitating them too.
Also the anti oil forces are ascendant as they slam oil exploration and development.