future growth potential, page-7

Wickerman
"I wonder if Denbury would consider buying the remaining 35% plus the pipeline at say $70M-$80M."

.
The direct value attributed to Grieve was $10mil for 65%. Which directly values the other 35% at $5mil.
Indirectly the JV will allow ELK to access up to
6-8mil barrels. The majority of the capital expenditure risk has been transfered to Denbury, but Elk still end up paying for it over the long term.

$5mil + value of access to facilities + reduction of risk + pipeline=????

While the answer is clearly well north of $5mil I can't see denbury willing to pay $70-80mil. When they could start acquiring the entire company on market at $20mil.

cheers