Don't think that theorem washes it's a lack of buyers willing to...

Don't think that theorem washes it's a lack of buyers willing to step up to the plate and pay the heads less strike price which is very unusual.

If you were thinking about buying 100000 head

option a) 100000 shares at 18 cents $18,0000
option b) 100000 options at 3 cents outlay $3,000

if the well is proven commercial the options should track the heads cent for cent while if this well is uncommercial under option a I would suggest your at least $9 k down the drain while the options you would be at worst 3k down the drain.