<"We are getting a very strong signal sent to us. Pay heed. Some of my biggest mistakes have been to ignore insider trading moves and I won't do it again.">
Yes, insider buying is certainly preferrable to insider selling. However, at the levels we're seeing, I wouldn't read too much into it. I believe the last insider direct non-option stock purchase (that wasn't immediately sold) went off at $4.73. So anyone who 'payed heed' to that, and bought shares because of it, is currently down about 80%.
Basically, I don't think these guys know much more than we do at this point in terms of how this whole thing will shake out over the next year or so. However, I think Ray clearly laid out the process going foward, ...open data room, give presentations, gather and review proposals, hopefully come to mutually beneficial agreement with a quality operator, then look towards a 2013 drilling campaign.
So yes, it's a PROCESS, and we're just at the BEGINNING of that process right now.