RE:Buy the company you want! If you don't like the Merge, I agree with RagingBull3 but the combined company will be more appealing to institutional buyers as the balance sheet will be more attractive. GLTA. The following is a Baytex management reply to an email I sent expressing my concern with the higher oil price and lower BTE stock price.******** We appreciate and share your frustration with the share price performance since announcing our strategic merger with Raging River (as employees, we are Baytex shareholders too). We believe we are creating a very strong company with the potential to deliver meaningful returns to our shareholders going forward. This will be driven by our high quality, high rate of return oil assets, our strong free cash flow generation and our much improved balance sheet. Unfortunately we are in a period prior to closing the merger where we are seeing a significant turnover in the shareholder base of both companies with the shares ultimately ending up in arbitrage funds that like to play the deal spread between the two stocks. As an example, many arbitrage funds will buy Raging River shares and short (i.e. sell) Baytex shares to capture an incremental return based on the 1.36 exchange ratio. Based on similar type transactions, as the shareholder turnover subsides, we expect this trading activity to decline. This is an environment that will require some patience while the turnover in the shareholder base takes place. We have been in front of institutional investors since announcing the transaction - in Toronto, Montreal, Vancouver, New York and Boston - and the feedback for the combined company has been overwhelmingly positive. But this is, in the near term, being overridden by the turnover of our shareholder base. Given the strong oil price environment and the outlook for the pro forma company, we are confident that the market will ultimately recognize the strengths of Baytex and reward our shareholders as we execute on our plans for value creation.