Until they can actually sell their production for a reasonable price, this stock will continue to fall.
Neither Canada nor the US has built any new refineries in decades. Until this situation changes, we are at the mercy of the few remaing refiners that are presently at the end of the pipelines that we have access to.
Even shipping by rail has its limitations. I know it isn't the availability of tank cars to get it to NB refiners or to the west coast for shipment off shore.
It is simply and plainly lack of demand for the oil.
Right now there is a glut of oil all over the world. The new drilling and fracking techniques championed in North America have become globally utilized. Oil and gas fields once thought to be played out are now viable producers again. Some of those fields were shut out with less than 10% of their available resources utililized because it was uneconomical to get it out. That has all changed. It's not only the US and Canada that will become self sufficient.
Our biggest hurdle isn't so much supply of oil as refining capacity. The refineries we have now are very efficient and have been able to keep up with domestic demands with reasonable reliability.
If the economy picks up as it should, demand for refined oil products will increase in lockstep. Then, we will be crying even more because there still won't be anyone to refine our oil onshore.
The offshore companies would love our crude oil in any form. They want all of the different elements it is refined into as well. Almost all of it has some sort of financial worth and the paybacks are enormous.
We're really missing the boat here in Canada when the tree huggers are stopping the building of new refineries at strategic locations. I have no problems with making the companies complicit with proven environmental laws but to just not build them in the first place is like cutting off our noses to spite our faces.
As for all of the insider selling, they have information we don't have but many of the special interest buyers, sellers at the top do as well. Retail investors are left out of the information loop in almost all aspects, or the information is given in such a way to confuse the hell out of us.