Remember the good ole days?

Remember the good ole days when ELK had around 60 million shares outstanding?

Remember when ELK was "ON THE MOVE"?

Now ELK has some 1.5 BILLION shares outstanding and another 183 million shares or so possible dilution from the convertible note if the share price ever gets over 10.3 cents.

The recent cap raising brings up a number of questions in regards to ELK.

As another poster has pointed out the need for raising means that ELK hasn't generated the money it needs from operations to fund its ongoing activities and obligations.

Another post indicated that RBS(?) estimated that ELK had interest payments of about $27 million for the year. Add in the obligatory contingency payment for WTI being over he price trigger this year and that adds another $10 million to outgoings.

ELK estimated in its recent presentations that it would have $50 million in EBITDA. Subtract the above $37 million and that doesn't leave much in the kitty for other activities or obligations such as debt repayment.

Furthermore with Grieve production being delayed it has impacted revenue streams to the company and we still have no update of what is going there even though a month has passed since production began.

The corporate structure and debt profile of ELK has also impacted on the net revenues attributed to ELK from Grieve and Madden which has escaped the attention of most shareholders.

Lastly, I wonder if shareholders will see continued dilution - bigger isn't better if the results of the activities don't result in a net positive accrual of oil backing per share. For example, if the cost of the activity adds 10% more shares, but results in only 6% more oil backing per share, shareholders have not benefited. Will page 20 of the April 2018 Corporate Presentation as far as 'Deliver Equity Value" ever happen???