actually holding up quite well

Considering:

(a) profit taking today over a range of stocks not just oilers.

(b) delay in the drilling of both Magnolia and the Appalachian Mts

(c) no news from the company apart from the required and brief quarterly report

I think the stock has held up quite well, indeed better than I would have expected. There are obviously traders in the stock who want to protect their 5% gains so dump when ever there is a sign of a softening in the price. They then regret their decisions a couple of days later when the stock takes off again.

What we need to hear from Norwest is that

(a) the deal in the US has been all sewn up and drilling will commence at the end of winter

(b) NWE has negotiated a further farm in to Magnolia leaving it free carried

(c) a new project has been identified in India

Then I think some interest will return.
Unfortunately we face a market where traders launch bidding wars on the slightest pretense (eg the gas shows in FAR's new well today) and then try not to be the last man standing.

It rarely has anything to do with fundamentals, and all to do with doji's, candles, cups and saucers and any other chartist signals (astrology?) that some see as providing the secret to share trading.

Pick a sound stock on fundamentals in a good sector (commodities has got to be it!) and sit on it. NWE, PSA ARQ, AWE, VOY, STU to name just a few oilers are going to reward those that buy and hold.