The fact that the financial market in oil stocks,ie: the TSX, is not in sync with the physical market is creating panic (or panic created in the interests of those who profit from panic) among those who make investing decisions based on noise, not metrics.
The easiest answer to this dilemma is the fact that generalist investors are still avoiding small cap oil stocks until they have proved themselves cash cows, not just promised the same. This lack of buying power allows for the usual swing trade and consolidation antics to occur.
This stock is trading sideways because it's management has only committed 30% of free cash flow to shareholder returns and made some vague promises about the other 70%. Oil investors want cash, not promises, after the previous brutal collapse in oil.
Nobody cares about growth. They want flat production to blow down reserves and return the free cash to investors before the entire industry is ruined by green zealots. There is zero interest in management schemes regarding acquisitions or growth when GXE can hold production flat for 20 years on current reserves.