MAD in its old avatar in 2005 sold Blue ridge dome to finance...

MAD in its old avatar in 2005 sold Blue ridge dome to finance other project since BRD is not worth some history


HOUSTON, Dec. 20 /PRNewswire-FirstCall/ -- Petrosearch Energy Corporation (BULLETIN BOARD: PTSG) ("Petrosearch" and the "Company") today announced its drilling and capital expenditure plan for several major projects for next year. The plan encompasses total capital expenditures net to the Company of between $15 million and $20 million and includes participation in the drilling of 25 to 30 wells.

Prefacing the 2006 plans, the Company recapped its key achievements in 2005, as the groundwork for future growth:
* Began implementation of new strategic plan designed to maximize Net
Asset Value

* In April 2005 completed $12.6 million of private equity placements to
support exploration and development projects and other corporate
requirements

* Completed re-staffing of senior management and operations team

* Sold a 420-acre leasehold in the Blue Ridge Dome Field in Fort Bend
County, Texas for $2.140 million ($30.16 per proved boe), freeing up
capital for redeployment in exploration projects

* Registration of common stock with SEC became effective, thereby making
us a fully reporting public company

* Purchased an additional 21.25% working interest in the Gruman 18-1
Lodgepole Reef well in North Dakota for $6.67 per proved barrel of oil
equivalent (boe)

* Improved a $10 million credit facility with a financial institution,
extending the facility on more favorable terms to support the
Company's program through 2006 and beyond

* Began completion of an oil well in the Rodney Island Field in Tensas
Parish, Louisiana - with estimated gross proved, probable and possible
reserves in the field of 1,728 Mbo and 1,044 MMcf. of natural gas

* Acquired a 100% working interest in 1,780 acres in the Quinduno Field
in Roberts County, Texas, in the Anadarko Basin

* Started trading on the OTCBB on November 30, 2005

How come now the p1 reserve has increased so much I know the land is big however all this does not add up DYOR