Ann: Presentation - Recommended Merger of Beach and Drillsearch, page-26

This hasn't been a free market in these stocks for a while. They should keep it this way until merger is done.

1.25 exchange ratio currently values DLS at $0.83 and I'm happy to let this ride along until the merger date draws nearer and make an assessment then.

My overall play is on the oil price and not the companies so I need to stick to my strategy of riding the oil price up over the longer term. Might trade a small parcel or two for beer money on the way up.

I never let the shorters worry me. They have their game plan and I have mine. The oil price will sort them out in the end.

Eshmun