confirmation, page-28

Hi Everest, I've scanned enough of the individual records on the TRRC website to get a sense that 24 hr IPs in the 50-100 bopd day is not unusual for the so-called "shallow dome" wells, but I guess its up to anyone else to check for themselves and obtain their own impression from that data.

To be honest, I dont pay too much attention to 24 hr IP numbers, I see them as attention-grabbing headline numbers used by some oilers. I much prefer companies quote 30 day IP rates, but at the end of the day I still look for enough monthly data to establish a time decay curve where I can, and that can take 6 months or more for any well to get a real picture.

To be fair to MAD, they dont publish 24 hr IP rates, its data you have to search for from TRRC. Unfortunately I havent yet found individual well production records, but the lease records do give a satisfactory data set I think to get a reasonable picture of whats going on. Thats why I question your assumption or statement about well watering, because the lease data is too lumpy to be able to discern a single cause like that (imo).

Personally, my conclusion to date is not that well watering is a key issue, I think MAD management are smart enough to manage that, but well maintenance/workover rates is the more important issue with low production wells which get shut-in semi-regularly. I think the highest operating cost here will be well maintenance.

At the end of the day though, while there is quite a distinct difference in the productivity between leases (i.e not all MAD acres have the same value), they have addressed the decline from last year and generated production growth taking them to their best rate to date.

Cheers, Sharks.