Let the drill bit do the talking., page-217

they had an extra 2 years on them during the last spike to 48 cents and the options peaked at 34 cents...therefore 6 cents of time only at the peak with 2 extra years to run on them. If we get a spike now and they become deep in the money again, I'm pretty they sure they will trade at intrinsic value or slightly less then intrinsic value. You also have to deal with the illiquidity in the options which makes it hard to take any meaningful stake