If I sell my 15 shares of Burlington Resources now, I stand to gain
about $19 per share.
 There's never shame in taking a profit.
 However, I stand to gain cash and shares of ConocoPhilips if I simply
stay put with my current holdings.
 Does anyone have advice on which way I should go?

PCVentures --

It depends on several things, including your tax situation this year. 
Burlington Resources closed yesterday at $82.50 -- and ConocoPhillips
is offering $90.69 per share, according to this morning's Wall Street
Journal.

The deal -- if approved by the government -- probably won't close
until early next year.  Let's assume that it takes 6 months: you'll be
forgoing $9/share in profits by selling now.  But you may decide that
you'd rather pay taxes this year on the profits than next year . . .

Also, when the deal is finally announced, look at the terms carefully.
 Does it adjust the offer price if:
a.  natural gas or oil prices move?
b.  ConocoPhillips share prices move?

Best regards,

Omnivorous-GA

Taxation isn't an issue in this case, because it's within an IRA account.

PCV --

Consider buying more shares -- then covering your investment with put
options.  A $9 return on $82.50 in six months would be pretty
handsome.

Best regards,

Omnivorous-GA

PCV --

Deal terms are out now: $46.50 in cash, and .7214 share of common
stock, equal to $44.19 of ConocoPhillips stock as of yesterday's
market close. BR's at $86.20 as of this writing, so you might be best
to take profits and forget any arbitrage profits.

If those are the real terms (and not adjustable with changes in market
prices), then the real risk becomes daily stock price of
ConocoPhillips.

Best regards,

O.