elk is extremely undervalued

With the major shareholder most recently tipping in another $1.25 million to increase his stake to over 25% and Co2 injection commencing at the beginning of the month, ELK has effectively been de-risked through to material oil production from its flagship project (Grieve Oil Project) which is being operated by the biggest and most reputable company in the entire industry, Denbuy Resources.

What many obviously fail to realize is that despite ELK being in a good cash position and having Ask Creek and Grieve fully funded through to material oil production, they now have booked 2P reserves of approximately 6.5 million barrels of oil which should be able to draw up to $20 million in debt facilities should they conclude any of these additional new ventures hay have been eluding to over the past 6 months. I feel a new cash producing acquisition is almost due to be completed based of their announcements/presentations.

As an aside, assign these these 2P reserves a market comparable metric (say conservatively $15/barrel and just based on this valuation method you end up with a market cap of $97.5million which equates to close to 60 cents a share.... What's even more interesting is that Ryder Scott assigned a similar value to Grieve based on NPV analysis (60 cents a share).That is just with Grieve alone, not factoring in Ask Creek, the Syngas technology that they have patented, the Hereford Gas FIeld or the cash sitting in the bank.

Furthermore, that is not mention the 100% owned Grieve export oil pipeline which could easily be monetised for $5 million cash. Not bad considering they bought it for $200k.

Just a matter of time wih this one - patience will most definitely be rewarded from ELK holders.... DYOR.