The thing you forget to mention is that you do not have to hold...

The thing you forget to mention is that you do not have to hold the options till expiry to excercise them. If the shareprice is over $1 in a few months time you can begin excercising in small amounts and selling them on market and then using the money to excercise more options.

I think it's a fantastic deal. If Range hasn't started drilling by October next year, it will probably never happen so at least this way option holders can benefit if the company get its act together.