Worthington Energy, Inc. (fka WGASQ)

[mdimport]

I'm probably an idiot for buying now but this is my hedge scenario:

Isn't it good to wait a bit to get
40-50 % discount lol

Downside:
I fully expect to take an 80% haircut within 20 days on my $200 bet, and then another 90% haircut within 60 days. Basically could see $200 turn into $4 by December 2013. That's the scenario I've seen all along, and I'll stick with it until proven otherwise.

Upside:
If there's really oil my $200 bet could go to the 200DMA. It's a very high stakes roll of the dice, and something very few would / should be comfortable with. A win is the much less likely scenario, so I made only a very small bet.

Buy reasoning:
I tried to make a pragmatic decision to hedge my bets based on the trading pattern I saw yesterday and the last drilling report.

It's very unusual to see 130M shares bought at the Ask when a R/S is known.

I still think on balance I'm likely out-the-money. If that's the case I'd reassess after the next R/S in December 2013 assuming there's some material change.

http://sonlite.dnr.state.la.us/sundown/cart_prod/cart_con_wellinfo2?p_wsn=246535