placement, page-8

CT
"I wouldnt get out of bed for 1k a day", explains your complacency but is no excuse for poor performance, some of us plebs work for a lot less .......while you may think you have been going forward the reality is you have been going backwards.

I thought I would compare where ELK where 4 years ago to now to see how far we have come. Based on Sept 07 quarterly.

Based on 185mil shares post issue + $14.5mil cash.

In order to have the same asset backing per share now as in 07 Elk would need - $9mil cash on hand - $13mil revenue PA from 3 SDS fields with 3mil bo 2p - 3 Grieve fields 100% (pre JV) including 12000acres of Niobrara - 3 kakadus.



CT when do you expect ELK to return to the asset backing per share from 4 years ago???? It certainly will not be in the next 12 months. I think the facts give me a right to be dissappointed!!