Directors of Roc Oil (ROC, 58.5p) were consistently selling shares in late 2007 at prices between 128p and 150p (Clement, Dobinson, Jolliffe, Jansma all sold between October and December 2007 at between 128p and 150p).

I noticed a change of behaviour last week, as two executive directors bought shares.

Dennis Paterson, President of Roc Oil China, bought 87,000 shares at 43p on August 26th, taking his holding to 87,000 shares plus options on a further 470,000.

Bruce Clement, Acting CEO, bought 40,000 shares at 113 Aussie cents to 114 Aussie cents on August 25th and 29th. This purchase took his position to 120,000 shares and options on a further 680,000.

In $ terms these purchases are not significant, but in terms of the % increase in holding, and the behavioral change from selling to buying, I believe they are significant.

The value of this directors share purchase as a signal for investors will be graded MEDIUM, subject to an upgrade if we see further purchases.

Roc Oil is listed on AIM in London, and on the ASX in Sydney.