I don't know why the current assessment is so wrong versus what has been experienced in the field. It doesn't take too much due diligence to see there has been a huge amount of wells targeting "proved undeveloped" reserves which have failed to produce hydrocarbons.
Also when you say the current assessor is "professional accredited" what are you basing that on? If you search the name of professional accredited engineers in Texas he does not appear. It is pretty easy to become a member of the SPE and that does not mean you are in anyway accredited to assess reserves, and if you search the SPE membership directory he does not appear. So all we really have is the MAD say so that this guy knows what he is talking about and the only "reserves assessment" he has ever done is on MAD's property. Investors have been calling for a big name assessor for a while, current management has had time to implement this but nothing has happened.
I have posted a lot of actual historical data about the properties MAD own, compared their reserves with standard metrics etc. MAD is approaching reasonable value, the key question is what they do with their cash. Their current properties are marginal, they have enough cash to do one meaningful deal for the size of the company, but only one. The alternative is to go down the exploration and farm-out route but then they would be back to providing proper quarterly data....
My account was suspended due to multiple accounts for two days due to a mistake by Hot Copper admin, if you have any concerns I suggest you contact them.
FDM Price at posting:
37.0¢ Sentiment: Sell Disclosure: Not Held
