wow what a sell off, page-28

Nihilism
I am fully aware of the reserves. The issue is can MAD increase their production to a high enough level to justify the current market cap. I would estimate that they need to be producing around 2500 BOPD to justify the market cap or increasing BOPD by 400 a quarter.

So far they have shown no indication that they can achieve these results.

The share price is going to continue to drift until such time as real results occur that show significant increases in production.

Back in April/May MAD was gearing up it's rigs for a big drilling program in 3rd qtr. It never happened.

Now they announce the purchase of more rigs and at the botton they say this will help with their planned expanded drilling program in 2013. I thought the expanded drilling program was happening right now. Sounds like another delay to me.

Unlike most of the followers of MAD I dont just accept all the hype and how they are going to produce massive amounts of oil in the future. I look at what they do and not whatt they say.

So far they have done very little

The hype (confidence) is also disappering from the stock and people are selling. This trend will continue until something positive happens on the production side.

I have no idea how low the stock might fall. I picked 60 cents because at that price the market cap is around 300M.

I certaing dont think the company is worth any more than 300M at this stage