read it and weep: elk 2012 annual report, page-7

Dear Copperpot,

Would you care to point out the errors in my post rather than refering to my 'incompetance'?

Please back up your statement with some facts.

I quoted the Elk Annual Report and I quote it directly again:

"SALES

The terms of the Grieve joint venture agreement with
Denbury require Elk’s share of revenue from the Grieve
oil production to be accrued against future expenditures.
Hence, Elk did not receive any cash revenue from Grieve
oil sales for 2011-2012."

Are you saying that the information printed in the Elk Annual Report is not correct?


Furthermore, the company also indicated in the Annual Report that it is and I quote: "Developing Greater Sources of Cash Flow".

This is needed as the cash from Grieve is not available to the company for its necessary expenditures in other areas.

The cash flow can come from different sources one of which may be the pipeline. Given the chart in the recent investor presentation that indicates that the only other cash flow for the company is going to be from Ash Creek in June 2013, where do you expect the company to get the cash needed to run the company?