An acqisition does not dilute shareholder value or base as you refer to it if you combine cash, shares and long term financing to do the acquisition. Even if you did only a share for share deal you are not diluting the shareholder value. The new shares issued are for assets and or operating goodwill which in the long term should add shareholder value otherwise you would not do the acquisition. Would you prefer 30% of $ 1,000,000. or say 20% of $ 2,000,000. When you do an acquisition it is ALWAYS with the intent of increasing shareholder value. Your Board and management know they will be judged based on their decisions. I am sure the Board and management will make the best decisions for Mart whether it be an acquisition, merger or new field development. You have to be very involved with the company ,the industry, the competition and the partners you might choose in order to weigh the pros and cons of each scenario