rumours have no place confirm or dismiss..., page-5

DarkCloud08, I fully empathise with you. MAE management have been ordinary to say the least. Dick Carter and G.Harvey are the only two directors with exposures in the form of share ownership (bought on-market) while the others draw good incomes with no downside risks. The share price reflects the risk the company represents. I doubt it is influenced by spruikers.

I personally no longer bother contacting PC or the bother directors for two reasons: (i) if they are doing their job properly, they should be telling you no more than what's already in the markeplace (otherwise we're in insider trading territory which could mean a comfortable cell and stay at Long Bay) and (ii) given the company's position at the moment and reading their announcements since 2005, quarterly reports and others, it would be hard to believe anything you're told. To illustrate the point, I refer you to the March 2006 quarterly report. The company said 8 wells were in production and cash flows of $US10M were projected for the coming twelve months. Really?

I still believe in the company because as a petroleum engineer and given my experience and knowledge of the industry, I am comfortable MAE has a reasonable asset to allow the company to become a produce. Needless to say, I expect Fortis to rollover the debt as the company steps up production. A sale down the road remains a strong possibility.

Equally I understand if you chose to move on as we should all be making investment decisions based on risk assessments and investment timelines. MAE has been a rollercoaster for many years and I respect the fact that for some the friendship has been stretched.

I should add that if I had no industry background/experience or tolerance to risk, I would most likely slap a sell recommendation on the stock as management has done nothing to excite me.

Red2