grieve worth $95million - 50 cents a share, page-7

Binbin,

It is surprising how negative someone can be whilst claiming to be a s/h, you state:-

"I wish that were the case but the NPV calculation of $95milliom was done ages ago when ELK was expecting Grieve to start producing in 2014."

True , at that time that was a fair assumption by our proffessional advisers. Whats new .....we are still waiting the same 2 years as we were at the time of those reports.

IMO with the very favourable increase in the price of oil, and with the extented delays to first oil this should still remain a fair and reasonable assumption

What needs to said here is the ELK Entity value has progressed very significantly since then with the securing of the Nebraska oilfields with contracts in-place securing all the required CO2 from the Ethenol plant at Bridgeport . Insider oil people are now saying our first mover 100% acquisitions of the predominent oil field and CO2 in Nebraska will become more significant to ELK than the full delivery from the Grieve field [Our estimated share from the Grieve field being $600million over 8 years]

You state:-

"IMO, it is more realistic to use the lower end of the NPV estimates ie approx. $50million, which assumes delayed production and 12MBO".

I think you will find the experts spoke of 12MBO to 24MBO of recoverable oil in the Grieve field , hence 18MBO has always been used as the medium guidence.

Management of this Company has never been in control of first oil from Grieve with Denbury being the financier/JV and as operator in control.

Having expected first oil by now it was never envisaged ELK would need carry-on funding for the next 2 years when we should have been able to secure funding from the pipeline with eminent use by now and having the luxury of increased s/p and ability to raise funds as an oil producer

It should be obvious to most fair minded observers that ELK is grossly undervalued and caught in the "Drought for funds" that all small Companies are now experiencing like never before

Managements move now to have the market determine a fair value for our Wyoming assets alone is the right move.It will have a major roll in establishing fair value for Shareholders either for disposal of sellect assets or it will more than likely present favourable alternatives for funding , JV's or whatever may come directly from this expossure to the greater presence of Enhanced Oil Recovery taking place in the U.S.

IMO management are to be commended for taking this action to retrieve s/h value and to put ELK in a sound position to build on the opportunities now presenting