If you have lost a lot before and absolutely cannot afford to lose anymore you should first think twice about trading any pennies...
But if you have money to invest, and are bent on getting into MOPN like many others are to be part of the solution to the Gulf Oil Spill, and you can afford to lose that money, then I would look to buy on any dips before the next PR.
You might even want to take it very carefully and just literally wait for the next PR.
But that will of course mean that you will have to watch for the PR every - I am not kidding - one minute to see if it hits during market hours, then quickly read it, and make a split second decsion as to buy or not - then how much you can buy...sounds easy but having done this with a bid moving up so fast you literally have to keep re-enter new numbers in your calculater to see how many shares you can buy - that is a pretty tense moment, as every moment your doing this with everything else in your mind going on the pps is moving up. IF the news is good with such a small float and being the only penny that is actually doing business with BP - the second good news hits the wires this is going Downtown to Chinatown...hundreds of other investors I think will be waiting for the news too.
So if you have money that you can afford to lose as with any penny stock, and you want to live a somewhat less pannicked life, I would just buy in on the next dips.
All in my opinion - and if you have lost money before welcome to the club lol! Good luck to you and this is not an endorsement of concrete advice from me to you - you have to make your own decisions...
Take it easy!
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