These are development wells which were announced well in...

These are development wells which were announced well in advance, so allegations of insider buying not valid.

They have now drilled five horizontal development wells on the project and have a further seven to drill this year. Production will be changing all the time as the various wells come on and settle down. I don't think you expect the company to be constantly updating on changing production figures, but rather do it periodically as the project settles. They have announced revenue forecasts for the year for this project, which is the most relevant number.

These E&P companies are primarily valued on the NAV of the reserves, which remains constant for SAE, but with the potential for upwards revision. Production is important primarily to provide sufficient cash flow to cover further exploration. In SAE's case they have plenty of cash to cover their programme. The share price will continue to drift upwards as emotional sellers are cleared out by value buyers.

Coming very soon are the high impact (ie 90c per share!) San Joaquin exploration wells.