Grieve CO2-EOR, page-4

The volume of water disposed in the Cloverly in January was 584 BWPD down from1.394 BWPD in December which was down from 3,134 BWPD in November. Surely Denbury should be looking to dispose of more water rather than reducing the volume disposed each month. Nice to have that explained.

What is Denbury's cost of CO2 at Grieve now that we have first oil? What happened to the other BCF's that Elk had the rights to use elsewhere just as Denbury is doing at Bell Creek? Did we concede that to Denbury?

The total CO2 injected at Grieve for January was 29.9 MMSCFD. Was that made up of 20.9 MMSCFD of "purchased" CO2 and 9 MMSCFD of recycled CO2 OR 29.9 MMSCFD of "purchased" CO2 and another unreported volume (9 MMSCFD??) of recycled CO2? How much of Grieve's CO2 is going to Grieve and how much is going to Bell Creek?

What is the complete restructured deal with Denbury? What has been given away apart from Elk's rights to CO2 and $50MM. Only Denbury and Elk's Board seem to be privy to that information.

Makes you wonder.