matts back, page-3

The major shareholders called for and were instruemental in the appointment of the new CEO with his achievements and high standing in the oil industry and along with Matt Healy being able to return to the board this is looking very good.

With the ELK s/p only 20% in value compared to similar USA peer group look alikes it is just a matter of time now to realise very significant s/p values

Keen investers are certainly overlooking the fact that ELK is free carried by our JV partner Denbury to put $600m into the ELK coffers over the next 8-9 years from the Grieve field alone with first oil very possible in only 6 months. This is not some wishful drilling for some unknown oil discovery......this is real known oil being extracted by one of the U.S's most experienced Enhanced Oil Recovery Experts, Denbury

And need I remind you of the very real incentive bonus scheme given to the new CEO whereby he will be granted free shares at the 80cent , $1.20 and $1.50 milestones which I strongly suspect this high-achieving CEO will collect in a few short years . From here IMHO this is clearly a 10 bagger for starters and after that management are talking aquasitions and new projects to sizable oil production.

All on board this company , with management and major shareholders are focused on driving this company foreword with the need for debt funding where ever possible without unneccessary shareholder dilution . For a company like ELK on the threshold of major earnings it is very significant we have only 177m shares on issue and this is what will always drive a major increase in shareholder returns over coming years