Sandys,I hope that you are pleased to have been wrong in your...

Sandys,

I hope that you are pleased to have been wrong in your prediction yesterday: "I say we will get hammered on the US tonight". Never happened, ended even. Yay for us, panic over.

As for losing $200k by not selling at the peak I think you may be doing yourself a disservice by convincing yourself you could of and should have sold at the absolute peak. Sorry mate, not realistic to assume you could have done that. As I've said before the peak price from which you measure your theoretical loss was only one or two small trades over a short period of time. Given the quantity of shares you have it was never possible to sell your holding at that peak price because there never was sufficient buyers willing to buy at that price. Its a fallacy to believe you could have, an illusion.

Given that is was never possible to sell your shares at that price it is silly to use that as a mark from which to measure any theoretical losses. If some clown came along a put in a buy order for 1 share at $1 which created a blip in the share price for a fraction of a second would you then be complaining that you lost $2mil when the price returned to a reasonable level ? That would be no more true than me stating that I lost $10mil on Tuesday night because my numbers didn't come up in the lottery.

When the price levelled off at about 15-16c most of us made the same decision. It ran too hard from 6c all the way up to unrealistic levels in the low 20s. It had to come off that high because the fundamentals couldn't support that until we prove up the next field. Subsequently the world has turned more bearish and many have moved their money to safer havens as we have seen time and time again in recent years. So the price has dropped a little further due to more people cycling out than cycling into the stock.

Unlike when the stock temporarily peaked we now have a pretty good looking timeline for SSNs development of the Niobrara which has been the blue sky for SSN driving the price for the last 12 months. We also have a very large stake in a new field being Roosevelt which provides lots of new blue sky once the Niobrara is proven and producing. Lets not forget the additional Bakken infill wells.

If you think that SSN was worth 20c+ that it reached a couple of month ago then surely given progress since then and the additional potential upside from Roosevelt, we can't be worth less.

As somebody else said we went over all this ground in Nov / Dec last year. Whinging and whining about why it was trading well below its peak and well below the value that some ascribed to it. Those with patience won out with a rapid 300% rise (450%) on the options. Sure its fallen back since then as it always does but we are still up hugely on pre-xmas prices and we all know that there will be another major upswing if we get good early results from these Roosevelt and/or Niobrara wells spudding soon.

As always do what you want but lets keep our assessment of profit, loss and value realistic. Fancifull ideas that we could all have sold all of our stock to that one sucker at the absolute top of the market aren't that realistic. Sorry sucker, whoever you are. I'm sure you too will be in the money in the not to distant future.