Salinas just announced that it has commenced operations to buy...

Salinas just announced that it has commenced operations to buy its own shares in the open market. Today it bought 135,000 shares up to a price of 38c, the day's close, representing about half the day's volume.

The shares got hammered during the downturn, probably by margin sellers. The stock is absurdly cheap as they have just started pumping 1,000 barrels a day of oil, bringing in about $2.5m per month for this minnow stock. This rate will double in the next few months. Salinas also has a very large exploration program ready to drill over coming months. The company can buy up to 11.9m of its own shares in the open market, clearing any weak holders left out of the way.

Basically, there is now no downside left in the stock (as the company can hoover up any stray sellers) and plenty of upside.