After being present at some broker presentations and chatting...

After being present at some broker presentations and chatting afterwards I soon realised that MAD was both conservative and extremely frugal with money. It seemed to be in their DNA after surviving as a contractor through the boom and bust years of the Texas oil scene.

It was both a plus and a minus. You could tell they were going to derisk their operations as far as possible - the Gulf South deal is classic for them - have someone pay for the well whilst they keep the majority of the oil production.

The downside was they would not spend the extra dollars to bring in contractors to push production. The fact that the market wanted production and would impact the share price if not happy was met with - "that oil isn't going anywhere and will be still there when we get to it".

All the high impact targets generated by their in house people are independently audited before they put a drill in the ground. Talk about measure twice cut once.

I would be confident that the first high impact wells will be in the 6,000 foot range drilled with MAD rigs and most likely the 9,000 foot wells await their rig modifications.

Anyway they are determined to deliver and now that their rig fleet build up is gaining traction we will start to see better figures. To own this stock you have the motto - "slow and steady wins the race".