RE: Why are shares not trading closer to $3? The 3.00 price calculation is an implied price based on the conversion of VRO shares to TORC shares. This is not a tender offer where cash or stock is being issued to VRO holders at a specific price. The equilibrium price now seems to be $2.65 based on the millions of shares that have recently traded at or within a few cents of 2.65. The difference between the 3.00 and 2.65 is the current arbitrage discount. The new TORC will have a ton of cash to immediately start drilling like crazy. Unless TORC's Alberta Bakken lands are a complete bust, I think that this deal will eventually work out well for VRO shareholders who continue hold their stock.