Ann: December 2012 Quarterly Report , page-4

Maverick remains wildly overvalued. I am amazed that a reserves revision isn't forthcoming. How absurd that the directors are supposedly 100 percent confident in the reserves during a quarter in which 6 of 14 Blue Ridge shallow wells came in uneconomic.
The company continues to spin its increasingly tired story about how next quarter will be different ( apparently by drilling uneconomic wells at an even greater pace).
320mm market cap is way too high. My price target is now around 30 cents with downside to 20c as they wind down the cash balance. Intend to increase my short position.
Short.