Hey Folks!I figured its time for another MAD update for new and...

Hey Folks!

I figured its time for another MAD update for new and old investors to see whats upcoming and ofcourse, feel free to add anything I may have missed:

15th June - Boling Reserves Report Due! - Alongside we have had hints of further acerage being bought prior to this date, though no solid information on this (re-read Qtrly).

July - Half yearly - Should be an interesting read, Oil price has declined but due to MAD undertaking contract drilling, there should be less development costs + theoretically more profits than expected from quarterly. Production rates should remain steady at around 850-900BOPD.

Based on calculations, MAD is recieving 65-70$/barrel after royalties tax etc, down from 75$ last quarter however this is still very positive terrictory.

June Month - First month of all rigs drilling, with a move into the Nash Dome for some of the rigs, this should be where the interesting work happens.

September - Nash dome reserve upgrade expected (not confirmed) as per the qtrly on april 30th
November - Blue ridge reserve upgrade for salt dome overhangs (not confirmed)

Currently market cap is sitting at 368million (92c*400mil shareS) which puts us at roughly $3/2p, the lowest of any oiler on the ASX (I believE) and most definetely the lowest for pure liquid barrels.

Global markets have caused a lull in demand for oil and oil reserves in the US are sitting at the highest level in quite some time (11-12years?) which is causing a suppression in the oil price, however, saudi's have a fairly tight control on this and wont let it fall for too long as it hurts their bottom line dramatically more than it hurts MAD (Government royalties will fall and recession is likely at below $70, as per 2008, so expect some government interference there).

All in all long term outlooks are good, aiming for a total reserve of 200mmbo 2p oil in the current leases then leading to a development phase, which may/may not involve some financial drawdown facilities (Such as what AUT did) however due to MAD owning its own rigs and expanding its fleet now, it may be in a better position to do rapid drilling end 2012 and beginning 2013.

GLTA holders, Bottom draw is currently full but looking to cram a few more in the current weakness.