wow what a sell off, page-41

Nihilism
I see this is going to turn into a p11sing contest but I cannot allow you to post outright lies about what I have and have not said
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Paul,

If you pull out random timeframes you can prove anything.

Ans - I did not pick a random period. If you would like to check I made my first post on MAD in June when the price was $1.34 and I said it was overvalued when the majority were saying going to $2 soon. I received constant abuse for my view.

Been pretty accurate so far

For instance:

I have consistently been a supporter of the stock, since 28c, and now its 94c. I'd say that proves I'm awesome but its a random timeframe that proves nothing.

you picked a time of weakness in oil price (as shown by my graph a few posts above) where oil price has fallen MORE than MAD over the last 6 months. Considering this is an oil stock with no diversified interest, saying it would face weakness in the face of weak oil prices is obvious, not astute.

Yet you continue to MISLEAD (yes I am actually going that far) people in saying that MAD management are INCAPABLE of increasing production, that DECLINE rates are huge and that production per well is over-stated.

Ans. I have never said MAD were incapable of increasing production. That would be plain stupid. Production will increase this quarter. However production has been flat for 2 quarters which is way below previous expectations.

I have said decline rates are huge and this was before the latest quarterly where MAD indicated that only 35% of wells were producing. I now have to ask why on earth would you be drilling new wells when you have 65% of the ones already drilled off line. This makes no sense to me. So my next question would be what is a realistic number to have off line.

Not to mention, you claim the reserves analysis is fraudulent.

Ans - This is a outright lie . I have never questioned the reserves just how profitiably can they extract the oil.

Yet, when asked to comment on the things outside of the negative realm, like MAD management clearly saying production would not improve during 2nd or 3rd quarter due to 2 reasons stated in their quarterly, you never mention it.

June qtr managemnet said production Flat - Actual 742 down to 597. -20%

for sept said nothing except that were planning 150 wells in next 12 months. To me that indicates more wells which should have increase production


When faced with the detail provided by MAD that wells have been plugged off so they can be re-worked later, because of contract drilling requirements, and only 35% of wells are actually producing currently, you state that decline rates are huge and wells are only producing 10BOPD/well when this is untrue and the actual figure is closer to 25BOPD/well.

Ans - I am perplexed that 65% are off line. Sounds like a major stuff up to me.

When faced with new business developments like the Gulf deal, you say that its a negative because Gulf can exit at anytime, giving MAD only 9million additional capital rather than 100mil. When asked how thats a negative, you fail to answer.

Ans - I did answer this one. I said it was now a major risk because if Gulf withdraw then the inference will be that the smaller wells are uneconomic. That would send the share price crashing.

When facing a positive announcement of drilling fleet increases and new rigs coming online between now and early 2013, you say that they said it should of already happened in Q3, because thats when they originally set for production increases IN 1st QUARTER this year which has been superceded by later announcements anyway!

I get that you don't like the stock, you probably post on SIR, SYR and any other stock which had a major boom in 2012 and criticise them too but more than likely its due to you not being able to see a bargain, rather than the stock being over-hyped and over-valued.

Ans - If you want the answer all you have to do is search on my ID. You will find I have posted on very few stocks and SIR and SYR are not among them.

If oil continues to drop, MAD probably will too. Its a commodity company trading based on reserves and production, not just production like your narrow view seems to think.

As this morning shows, rebound of oil by 0.86% and MAD is up in a down market day... So please don't act like you were 'consitently' right, when in fact, your reasoning has been false and the drop was due to macro economic reasons.