paul, what you have described to me, means you most probably...

paul, what you have described to me, means you most probably wont buy any shares next yr. As its extremely hard for mad to get to 1500 to 2000 bod that quick. Its obvious the wells arent the biggest producers, and that they have a steep natural decline. Some wells are great long term producers, others are not. Yes mad must have had disposal problems in the past, no doubt they would have got ontop of this and used plugged and abondoned wells as disposal wells for water. Maybe the govt was slow in approving the disposal wells as well.

The constant need for workover of wells is normal in the feilds as the amount of oil left in the feilds wouldnt be that much. All the easy oil has been pumped out by previous operators. There is some oil left here and there. No great pools to suck the oil from. Looks like there is plently of water cut as well, maybe they pump out 90% water, and only 10% oil. Nothing has ever been said by the company, and naturally nothing will be said.

The share price is going to continue to track lower, investors are going to forget about the reserves, and pay more attention to production. You dont raise nearly 100m for only a 5m profit, that doesnt usually cut it in market. Quick profit growth is the only thing that is going to save the reserves.

Interesting to note, that lnc energy, bought a 150m reserve Umiat oil feild in alaska for $50m, undeveloped in 16/6/2011. It has 1 billion barels of oil in place, and so they believe that only 15% of the oil can be taken out. They are forcasting 50,000 bod when operational. Geez the mad 100m oil reserves and 5,000 bod look over priced when they are valued at 300m+. One would have to say that lnc is a screaming buy at mads valuation. Or lnc is fair value, and mad overpriced?