Added to positions in ALU, HERO (which seem to have no good news factored into their shares) SWZ (excellent Swiss companies @ a 10% discount, plus they just gave me a good divi) and joined Dale in his GRH stub (waste water is a real issue in fracking and the industry might go far from a PR prospective if they bought into solutions such as GRH offers).
Have you traded any of the long term MHR Calls or Puts? With the announcement of the stock warrants ( two years exercised at $10.50) I was thinking about selling a few naked January 2013 $10 Puts. If those warrants ever get in the money and are exercised, I figure that the January 2013 $10 Puts will be worth less than $1.00 (and or expire worthless). Unless you bought MHR shares three days ago, you are no longer eligible for these warrants.
The risk reward looks attractive as long as MHR is still in business. Most of the open interest is in the January 2013 $7.50 Puts. The 10 contracts open on the January 2013 $10 Puts look as if they were sold at $3.60/contract.
I may try to sell a few if the stock falls back to $4 some time soon.