Just bought my very first Oil Company, page-11

At this point: 

1.  with the governance issues
2. the delays in timely reporting of material events
3. the shortfalls in performance versus projections
4. the limited value add by Elk itself given that a very great deal of the operational added value and destruction is done by 3rd party subcontractors and not within the direct control of Elk management
5. the equity destroying interest rates on the debt
6. The huge 20 USD gap between the revenue yield per barrel and WTI
7. And the total loss of credibility in the management

You could not possibly put this company in anything but the speculative bucket