placement, page-46

Not the case ciggys, i can name many operators that are heavily choking back wells to maintain reservoir pressure for increased EUR's and are using decline or type curves. There is obviously a decline in MAD's wells as they need to be re-entered every 3 years for a work over, MAD's reserve statements are very vague and from their prospectus it states some of the methods they use for calculating reserves are -

"This method which employs experience and judgment to estimate Reserves is based on observations of similar situations and includes consideration of theoretical performance. The analogy method is applicable where the data are insufficient or so inconclusive that reliable reserve estimates cannot be made by other methods. Reserve estimates obtained by this method are generally considered to have a relatively low degree of accuracy. Much of the information used in the estimation of reserves is itself arrived at by the use of estimates. These estimates are subject to continuing change as additional information becomes available. Reserve estimates which presently appear to be correct may be found to contain substantial errors as time passes and new information is obtained about well and reservoir performance."