Entropylord,I am quite surprised to see a “sell” sentiment from...

Entropylord,
I am quite surprised to see a “sell” sentiment from you as a longtime holder of the stock. I think your decision to sell was an erratic without taking into a consideration the fundamentals of the company. I can repeat the fundamentals from a recent FP tip about the stock:

“The One Very Cheap Small Oil Company We Told You About
As we mentioned above, a month ago we highlighted one of our favourite small oil companies to readers of this email.
We initially recommended Salinas Energy (SAE) to our Fat Prophets Australasian Mining Members in July last year when it was trading at 57 cents*.
A month ago the share price was around 34 cents*. Today it is just below 30 cents*. We don't think it is going to be this cheap for too much longer.
As you'll see below, we think Salinas Energy is trading at just 2.33 times their prospective calendar 2009 operating profits, surely making them one of the cheapest energy stocks on the whole market.
As a reminder…
• We have stated that Salinas Energy is one of the oil sector's biggest bargains for some time now. This is not some speculative fly-by-night oil explorer drilling speculatively for oil in politically sensitive areas of Africa. Salinas is already an oil producer via its North San Ardo field in southern California, an area where oil reserves are potentially significant.
• Salinas have recently increased their forecast revenue for calendar 2008 by 25%, based on record high oil prices and record high oil production. As their operating costs per barrel of oil are less than US$10, even if the oil price fell significantly from here, Salinas would still be a very profitable company. Yet since that announcement at the end of June, the Salinas Energy share price has fallen to below 30 cents*. There was a time not too long ago when such an announcement would likely have resulted in a significant jump in the share price.
• We estimate their calendar 2008 operating profits at around $15 million, and estimate their calendar 2009 operating profits could jump as high as around $30 million. For a company worth in total around $70 million, including net cash of around $6m and no debt, this looks remarkably cheap.
• But that's not all. On top of their current oil production, Salinas also holds a 50% stake of the Paris Valley oilfield, just 6 miles from their existing North San Ardo site. This field has potential for more than 100 million barrels of oil-in-place, of which Salinas is hoping to target 25 million barrels of recoverable oil.
So why have the shares fallen, and why are they so cheap? Obviously the falling oil price has affected the share price. Yet as can clearly been seen from the chart below, over the past 6 months, the Salinas Energy share price has fallen significantly further than the oil price.
We can only put the share price plunge down to negative investor sentiment, and/or a lack of interest in smaller oil producers, and/or margin related forced selling.
In summary, we continue to think Salinas Energy continues to demonstrate all of the necessary ingredients for success. There is a sizeable disconnect between the company's market worth and its in-ground oil value in our opinion, with no value ascribed for ongoing exploration achievements.
With its share price trading at around just 30 cents*, we think the upside potential is significant. The company obviously thinks so too, as it is regularly buying back some of its own shares. “

Yes, the chart does not look great, what was probably the main reason for you to take a sell decision on the stock. However as I mentioned before many times the SP is under pressure as a large share holder is selling the stock and it seems that at this stage there is no other large investor replacement. As soon as the selling process from this holder will be finished then the SP will move up definitely. You have to be patient if you have decided to invest in this stock which has very good fundamentals and currently it is in an oversold position. You may say that if a large shareholder is in the process to leave the stock then you should make a similar decision. This can be totally wrong as we know in the current market conditions quite often even big funds make so stupid decisions and they are maybe forced to sell due to a need for some funding.

So in a conclusion your “SELL” sentiment is completely “WRONG”!