mpo merger with arn, page-8

I should add one more comment: ARN is dirt cheap for the asset base that they own. You are not looking at their massive land position in Swan Hills which is probably the premier light oil play in Canada. Both CPG and LTS want to control that region. LTS just announced an expanded Swan Hills drill program. It's their next big area.

Look at the NAV for ARN, not value per flowing barrel. That's not a particularly useful metric. There was a very good reason ARN hit $6+. The asset base hasn't changed and there hasn't been any share dilution. The reason for the catastrophic fall was a failure to manage debt. That has changed and is changing.

Wiggling