In my opinion, this private placement is the primary reason for the drop in price after hearing good news on the most recent drilling.
Although some may think the timing is suspect, I do not. It takes a long time to line up a buyer for a large private placement and then the two parties have to work through a deal for the pricing. This $7.75 was probably set a while back and probably based on some kind of discount to the market on some average price over some timeframe (ie 30 day moving average minus 20% or something like this). The private placement most likely also has some lockup requirements to prevent 25 million shares hitting the float over a short period of time. The "cost" of getting the benefit to the buyer.
This being said, I see this as a necessary (to get cash resources for AOI) but very temporary price setback. The future price will be dependent on the oil discoveries that this cash will help fund and retain a higher portion of discoveries in the future.
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