Magna Done, page-42

I reckon you are right ronsteib
I have been trading oilers a long time and it is a harder gig nowadays compared to what it used to be.
There used to be a lot of spec money chasing the oilers before and during drilling, but it is not there anymore.
Buying early was always a good option to try and get a 50 or 100% gain just in the pre-spud run.
Nowadays buying early just exposes the trader to the strong negative impact of CRs because the market does not have the same digestion for them. In this situation best to wait for the surety provided by a rig contract and funding in place.
Cheers
Gosouth