The share price increase is a result of a reversal of the ever increasing debt to equity ratio.
2010 - .37
2011 - .47
2012 - .56
2013Q1 - .52
An ever weakening balance sheet is a bad thing. If this trend stays then 2013Q4 should see the DTE back in the .39 range, far more manageable and a market confidence booster.
However Orvana still needs to get a handle on their Opex and Capex, as they are out of wack with the industry averages. Especially as they are not doing much in the way of exploration drilling on their existing Spain and Bolivia assets (which have huge potential). As their revenues plateau this year they need to really focus more on expenses. It would be nice to see better than $0.36/share earnings for 2013 and a market confident enough to assign at least a P/E of 9.