I don;t have access to the agreement. WHat do you know about 1% seems to be in conflict with the announcment. In which ELK has a 35% working interest. Plus they make more money on the oil pipline!
"The joint venture will target the recovery of an estimated 12 ? 24 million gross barrels (MMbbls) of oil from the Muddy Formation at the Grieve Field with the development expected to proceed by way of carbon dioxide (CO2) enhanced oil recovery1. Denbury2 is an experienced EOR operator and is recognised as a leader in the application of this technology. Denbury will assume a 65% working interest in the Grieve EOR Project and become operator. Elk will retain a 35% working interest in the Grieve EOR Project and will retain sole rights to appraise and develop the oil potential in the Niobrara Formation."
ELK Price at posting:
19.0¢ Sentiment: Buy Disclosure: Not Held
