cash position, page-6

Excellent string of events following the BLM approval for ELK.

Agree that short term cash remains the final hurdle. This is where management need to earn their dollars imo. they need to resolve this issue in the best interest of current holders. Pipeline didn't appear to be slated for sale until early next year from their chart.

Ryder Scotts 2p classification at 18.6 million barrels for Grieve shows the overly conservative Denbury approach. I think we can expect the mid year 2013 oil response as indicated by Mr Cook. Great news.

Chart has shown a rapid rise.. would expect some resistance 30-35 following the last plunk where 30 was the relative support level. Hasn't trade above 40 for years so would expect this to be fluid once broken too.

Also must be remembered that Denbury are due to drill to the lower formations at Grieve this month.. remains an outside positive development.

Good luck.