Oh bouy, lets get this one worked out now shall we?
The Cards:
Augur of Bolas: He is a great defender, on top of that, he also can fetch you one a sorcery or an instant. Pretty awesome. Trumps out scroll thief everytime...
Master of the Pearl Trident: This guy can get ridiculous. He makes your merfolk stronger. Not only that, his effects stack. By the time you play Prime Speaker, she is huge! Saves me from playing things that add counters.
Merfolk of the Depths: An experimental card, I like it because of the flash. Hmm, think I'll leave some mana open to play him at the end of your turn! A 4/2 that would gladly take the buff of your Masters'.
Prime Speaker Zegana: My sphinx's revelation. Comes in swinging form!
Stormtide Leviathan: Play him like you would re animator. Fetch the card you need now, put him in the grave. Then, when you got the mana, cheat him out with unburial rites. Now, in case that island walk wasn't working for you, it definitely is.
Tarland SkySummoner: If I run three copies of a legendary, take notice. This guy gives you a drake for each sorcery (and instant but... eh?). Interesting. Hold that in your mind for later.
Cyclonic Rift: I went with a different field wipe for this deck. Pretty steep for seven, but you could also play for two. I usually jump for Aetherise, but then I'd have to navigate to the gatherer, copy the spelling and paste it in the search.
Dissipate: I went for a more higher cost counter, syncopate would work really well also, and give you something to do besides playing creatures in your early game. There is just so many options for turn two, I thought something for turn three + was needed.
Call of the NightWing: Here we go. Remember Talrand Summoner? Now let us read the cipher. Cast a copy of the spell... Talrand Summoner... copy of the spell. Get it? So let me get this strait, when I deal combat damage I get a 1/1 flying horror, and a 2/2 flying drake? They have Island walk? Rogues Passage for back up? Flying to get passed stormtide? You could use any cipher, but this combo is pretty hard to pass up!
Farseek: Grabs the black mana, you get it early for prep.
Jarad's Orders: Grabs the creature you need. Talrand summoner (most likely) or Prime Speaker for the draw. Puts the leviathan in the graveyard for later.
Talrand's Invocation: If at turn four, you were ravanged by removal, this'll help. If not, Side this for removal of your own, or field wipes. Say if you wanted to go up to four aethrize.
Unburial rites: Cheat out the Storm!