mpo merger with arn, page-7

The merger with ARN was highly favorable to both shareholders for reasons I tried to explain in the long post. Debt has depressed ARN from a $4+ stock where CPG was buying to 0.70 today. MPO has no assets of significance today other than cash plus whatever comes from the Wolfcamp.

The Quebec land is useless for the near future (2+ years I would estimate). The merger would have led to a revaluation of the combined company, removing a lot of the debt price depression for ARN and netting us a very nice return.

ARN is doing this anyway with an asset sale but we can benefit from the merger. Otherwise, best case we get back cash less future liabilities. With the merger, I can see a much higher upside.