I would just be concerned that Oil is going to have difficulties maintaining these price levels because the market can't support it. Oil supplies at Cushing are at the highest levels since 2004 and domestic demand has been dropping. People aren't able to afford 3.5$ a gallon for gas.
I think this will also see weakness as long as the general markets do.
Unless AXAS had recently given new numbers their proven reserves were around 2.5 per-share from what I read about 3-4 weeks ago, and at that time I felt it was entirely possible for AXAS stock to go that low.
That being said I think the market over all has gotten pretty attractively priced.