RE:RE:ARX—a shareholder base turned in upon itself...I agree with what you're saying--even if both share prices had essentially tripled off of the very bottom (hard to believe!), ARX/VII were and are extremely underpriced relative to traditional price points and metrics. On a cash flow and free cash flow basis, ARX offers compelling value that the market presently finds unappealing.
I would argue that ARX is slightly less diluted (despite using shares as the takeover currency) due to the very debt you mentioned--VII had too much, and ARX can now service it. In fact, I think that the VII acquisition (they even called it a merger, saving most of the typical premium) will prove to be one of the top 2-3 during this whole energy cycle, but only for those patient enough to ride it out for the benefit.