production jan & feb 1215 & 1278 barrels a day, page-5

I'm not defending the company, but we need to be careful about how we interpret the data. The Texas Railway Commission earns royalties of approx 25-30% of the output. In other words, for each 100 barrels of oil MAD produces (gross), about 30 barrels is owned by the Commission (in essence, rent for allowing MAD to use its land). If these numbers are indeed net to MAD, then gross production would have averaged almost 1,700 barrels per day for Jan/Feb. We'll have to wait for the quarterly.