With ELK's free-carried 35% ownership of Grieve which has now...

With ELK's free-carried 35% ownership of Grieve which has now received 2P classification of 18.6 million barrels, assigning a conservative $15/barrel provides a value of over 65 cents a share (Grieve alone) to ELK's share price.

Add Ash Creek - 100 barrels of oil per day by early next year through a chemical flood (which adds at least 15 cents conservatively) - 80 cents per share.

Add Grieve export crude pipeline which ELK owns 100% of the which will allow ELK to earn a very handsome royalty which based upon the conservative estimate of 18.6 million barrels yielded this adds another 10-15 cents to the share price - 95 cents per share.

Add to this the value of the recent EOR Syngas deal which could be a very lucrative proposition as well as the proven Hereford Gas Discovery soon to be commercialised and this company is grossly undervalued.

Therefore, given the benefit to Denbury especially with the 100% Grieve Pipeline ownership, why wouldn't Denbury (a $6 billion major) simply takeover ELK for $1 a share which is a fair price as illustrated above???????

*All figures above are based on ELK's approx. 148 million shares on offer....