From the FAQ to Earthrise, an MMO scheduled for next year:
I’ve never heard of Masthead Studios before – Who are you?
Masthead Studios is Bulgaria’s largest game development company, with a team consisting of young and enthusiastic artists, programmers and game designers with experience from numerous gaming projects. Earthrise is Masthead’s first project, and is likely Eastern Europe’s most ambitious so far.
I respect the chutzpah. Maybe Bulgaria has a game development industry, but they expect that statement to impress an English-speaking audience. The company has never made anything, but it is the largest. I guess they hired a lot of people, or maybe it is a big building.
For the game itself, it looks like it is cribbing heavily from EVE Online’s mechanics and adapting that to the standard avatar-based game, with a more standard PvP experience and no 0.0. Comments are open if you would like to speculate whether a company’s first game ever, an MMO, will be released on schedule.