Why not sell the AUG 17.50 PUTs at 3.20? If exercised your effective cost would be 14.30. If the current dividend of .532527 holds for all 4 quarters that would mean a 15% return.
Currently the market is treating SDR as if all the wells suddenly became dry, no more oil, all wells are worthless. Of course that is not the case. Has anyone noticed that in the past two weeks the price of oil has gone from the low 80s to above 95? What effect will that have on SDR's dividend? Unless we are in OZ as the price of oil goes up so will the payout of SDR.
If today's price action isn't a buying opportunity then such does not exist no matter what.