quarterly reaffirms my bearish view, page-9

I think I will just repeat my comments of a few months ago.

" MAD is a very average stock"

All metrics look great except cash. It is very difficult to understand how they spent 17M in a qtr and a net down of 10m.

For holders that must be a very significant concern.

Gulf deal looks over. Never made any sense as I have tried to explain on many occassions.

If Gulf made lots of money then MAD should have just drilled the holes themselves.

If Gulf lost money then Gulf would just pull out.

This is just a stock for gamblers. They may hit a gusher but it's very unlikely.