Its all smoke and mirrors on the reserves. Drop a couple of fields that accounted for a good percentage of previously stated reserves, focus on Blue Ridge and revision and no one will know for sure the extent of the over statement of previous reserves.
As I said the other day a warts and all declaration so at least the market can adjust and get this behind it.
The outlook in terms of future plans looks good on paper. However MAD's credibility will take a big blow and patience of many existing holders will have run out on waiting for what happens next and when regarding value add. At least when effective reserves are certified the business of debt funding and acquisition can proceed.
The new management will need to get actual runs on the board quickly to show their company personality is nothing to do with that of the past.
FDM Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
