This case introduces students to the value chain of the oil and gas industry in Canada. Through examining the current position and future plans of a small, independent oil and gas exploration company, they will discover the challenges of growing through acquisition and the risks associated with expanding beyond a company's core competencies. The case includes an overview of the industry, the history of Oleum Resources Ltd., and the opportunities it has to revise its business strategy by expanding into the innovative but risky ASP technology. The company's first two options entail not only investing considerable capital but also hiring highly specialized personnel. However, the third option, to stay the course, may mean facing losses and investor unhappiness.