I think fundamentally listless your chart regarding going lower...

I think fundamentally listless your chart regarding going lower will be correct.

There is no reason to buy ELK currently as its financial position going forward is uncertain. The only positive catalyst going forward is the sale of the pipeline which the timetable for that has been put back which is not a positive in itself. I doubt very much they could pull it off anyway. Why would anyone invest in a pipeline when its income is tied to an asset that won't be producing until 2015.

ELK are also talking new acquisitions. Maybe this will be a catalyst but with a week financial position it would be hard to pulloff.

Maybe the new acquisition will be an excuse for another cap raise before Christmas.

Elk has great assets but a long lead time to production and high overheads in the meantime.