Ann: Bivouac Peak Drilling Permits Granted, page-13

Yeah I know what you mean, but you've got to say that oil exploration is inherently risky.   It is possible, for example, that BYE were lucky with their recent discovery at SM71. I would say though, that if they strike oil at their next attempt you could say with confidence that these guys have an edge and therefore it is (at these prices) a low risk, high reward, investment.  Not that the SP would stay at these levels, of course.

Personally I am looking to see this at over $1 sometime next year with two or possibly three producing fields under their belt.