The volume prior to the announcement vs. today's lackluster response indicates that the news was known beforehand. Maybe somebody working the rig tipped off his broker. So now there's a big overhang of shares waiting to get out and no pop to sell into.
That's a California well, where we can presume news leaks easily. Maybe a Utah well, where the population is sparse, won't get known beforehand.
I think you are correct, for this stock to move like it did and I couldnt find any news prior to the PR, there was a leak somehow and somebody made a quick buck! Like the say, buy on the "rumor", sell on the news, I never heared the rumor and pulled my buy I had placed last eve, there will be a lower entyry point. Did you read the BEXP news about the 125 million sale of notes? (ROYL has working interest with/in them) Good trading, ROWDY