lets focus on q1 2013, page-34

Stockguru
I dont have a entry point until their is clarity on whether MAD can grow production to at least 1500 BOPD and still continue growing to 2000 and higher.

As I am not a trader I could easily be happy paying a higher price if things go well for MAD.

I think the lead indicator will be what Gulf do. This gulf deal is high risk for MAD as if Gulf walk away after a few months then this will very bad as the the first conclusion would be that the small well's are not viable.

The other issue is workovers. It seems totally crazy that you could have 30 to 40 wells offline and be drilling new wells. Surely the highest priority would be to get those wells back online.

You have suggested that the issue may be lack of water disposal. If this is the problem and they are having this much difficulty with only 30 or so wells on line its hard to believe that can keep 100's online which is what they will have to do to to unlock their potential.

I cant really see the issues being all corrected in the next few months so I would have to say I wont be entering anytime soon.

At current prices the risks are just too great.

After one up day it looks line the downward move will continue