Ann: Farm in Option Agreement for a 2-well Campaign, page-178

I have been burnt in FYI for their binding agreement. Even though CEO thought it was a good deal for the shareholders, it was definitely not, and look where the share price is at now. Thank god this is not a binding one but I really do hope that there is something better than this because it really does nothing but devalue the project. I would be the first one to jump off if this became binding.
On the other note of Scott being a majority shareholder, I think it's fair to say he didn't spend a whole lot in having what he has now tbh. and you don't see any management purchasing new shares on market. I wonder... if they really believed in the project wouldn't they be buying more shares?