Smoke and mirrors I don't see any value for the existing VRO shareholders (except for management) by this takeover. Exit production for the combined entity is forecast to be 3900 boe/d. VRO's own production would have easily reached 3000 boe/d with the 4.2 net wells that were to come on in Q3 and probably a similar number in Q4.
So basically we were traded 1 for 1 for a company with 1/4 VRO's production. As well, TORC's "emerging Monarch resource play" is probably worth nothing. The Alberta Bakken play has been a huge bust for everyone involved. Basically the Bakken play turns to mud when it extends to western Montana and up into Alberta.
Torc's own assets wouldn't have warranted anywhere near the $100MM IPO, so they needed a company with real assets to build on. With this deal, TORC shareholders get the real assets for free.
We're screwed!!