mad oil production per active well

Here's some data provided by MAD from its quarterlies:

Since it IPO'd in 2010, MAD has consistently reported the number of new wells it has drilled, and how many are active and how many plugged. It has also consistently reported its quarterly gross BOPD production.

So putting this data into one table provides a picture that we can obtain if we do just a little bit of analysis of those historical numbers. Interestingly, from this data it is possible to calculate the gross quarterly BOPD per well classified as active when it was completed (see finsl column in table below). Its interesting what it reveals - we see that this figure (last column) started off around 20 bopd/well and declined into 2012 when we know they were not drilling many new wells or performing many recompletions. In the last 6-9 months we now see that number improving, rather than continuing to decline. Its not what it should be (remember MAD promised 23 bopd average in its prospectus) so this for me is a key metric to watch.

Cheers, Sharks