Gosh what spirited debate running into the next quarterly.Just a...

Gosh what spirited debate running into the next quarterly.

Just a note on the cash costs. I am not an accountant so shan't argue around the definition however sales tax in Texas is a 7.5% taxes on the gross sales revenue before opex....so slightly more severe than was shown earlier where it was calculated after deduction of opex.

MAD have done better than I expected increasing their production - hence I closed out my short. However it is worth noting (1) their reserves are still far too high compared with their production - the two are related no matter what anyone says (2) looking back at historical production from their leases they will only have demonstrated they have achieved more than increase production and accelerate the decline when they maintain gross production consistently over 1500bbl/d.