I see a few things contributing to the weakness. Although if I had to surmise it all up it would be as simple as general ncertainty.

  1. Insider selling - albeit from just one individual, substantial selloff though
  2. The extended service rig deployment at wellpad 102(work has since been completed)
  3. The need for the market to see the numbers before buying in to oil by rail
  4. Shaken faith in risk assets and particularly in juniors(for now STP is still a junior)

1-Why did the insider liquidate his position? We don't know.

2-What was the service rig doing at wellpad 102 for ~3 weeks and how did it impact production? We don't know.

3-What kind of sales numbers will we see for Q1? Gotta wait until April/May for that and even if we wanted to speculate with an acceptable level of certainty we could not as we only have a general idea as to what the product will sell for. "Between WTI and Brent". Currently a $19 spread.

4-The financial market today is jittery when it comes to risk assets. Juniors are particularly susceptible to this fear because most of them, despite on a growth track, have a certain level of uncertainty associated to them. STP is no exception.

My 2 cents.