Yep...it used to be called Tangiers Petroleum...traded at $1 plus...they drilled an offshore (iirc) well in Monaco that turned out to be a duster. Share price tumbled baaaad, welcome to penny stock. Company changed name, new CEO, recruited an expert on oil - dude who effectively discovered eagle ford shale sweet spot. Planned an exploratory drill on a slope in Alaska where most companies had avoided but there were known shale deposits. 85% gov rebate on drilling in Alaska, so a 50 mil operation costs you 7 mil. This well...ain't a duster (so far). Metric shit ton of oil - just a question of how useful/viable it is. There is a very slim chance that the share price could return to $1 long term, if a joint venture is created or if one of the big boys buys out the company. The goal is to prove up the acreage they own and wait for oil price to return to make a shale drill profitable (I think it needs ~$50 a barrel). 88E own 200,000 acres of land worth $30 an acre at the moment...once oil is proved up, could be worth $3000 an acre. Roughly translate the share price in the same way and you'll get why I am not selling yet.
That's the long and short of it!
Disclaimer: spec stocks are risky, do your own research blah blah blah