At $2.80, the market cap was significantly higher then $200 million!

It was around $360 Million!

Without a drill ever going anywhere near the property!

You are correct of course, when would a regulator have to step in?

I think it was out of their jurisdiction at that point.

Normally companies issue a standard announcement saying they "know of no reason" etc etc, but not so in this case!

This is what I think should have happened.