In theory merging with TPL would not add any value to our stock - we would have to issue around 400 million shares to the current owners of TPL to accomplish a merger. Who here wants to have about 800 million shares outstanding, even though it would mean double the revenues? I hear a lot of yelling and screaming in the background.

A merger may add value if the management team put in place because of the merger were viewed as a big positive by the street. However, we are in a position to do that now, without merging.