The Grieve delay to at least early 2015 is going to cost ELK plenty.
They are not able to sell the pipeline if at all until much later next year as income from Grieve isn't until the following year.
Their debt is increasing daily with Denbury to fund their share of the increased in costs to develop Grieve.
Ash Creek is a capital eater and they can't find any one to farm it out to.
Interesting to see the quarterly as cash will be dropping substantially. They are talking of an acquisition which would be an excuse to raise more capital.
Looks like the new CEO has his hands full keeping ELK afloat until Grieve comes online and debt repayments begin.
ELK Price at posting:
15.0¢ Sentiment: None Disclosure: Held
