The film feels like it was designed to be just the first few minutes of a larger piece. It lacks depth, it focuses on bizarre elements, and honestly, without the plot summary given by the cast I would not have known what the story is supposed to be about.
While the film's advertising tries to present it as a Faustian bargain, what it actually is about is a few teenagers running around a beach town having arguments that range from, "should we go and look at the water some more", to "is stealing wrong". The thing is, none of these issues fit together to tell the story that they claim to. It makes the film confusing.
By the end of the film you can tell how proud the filmmakers are of how they must be making you think, but there isn't anything to think about. The dialogue is supposed to be deep and meaningful but really means nothing.
The saddest thing about the film though is that while the acting is terrible I'm actually more willing to blame that on the writer/director. What kind of direction can you give when the dialogue is incomprehensible and the story is so unclear that you need a summary to understand what is going on?