My understanding is that the actual timing of Grieve activities - commissioning, which apparently commenced in mid-Feb; and first oil, now planned for early April - is controlled by Denbury.
Denbury could actually delay everything until end June without incurring contractual penalties, though it would appear to be in Denbury's interests as well as in Elk's to commence production as soon as possible.
As for Brad Lingo's compensation, my impression is that it is modest in terms of salary - by comparison with what he earned as CEO of DrillSearch. Also, that it is weighted towards stock rather than cash.
Either way, according to me, what BradL did with Lost Cabin and with Aneth are terrifically value-accreting. I'm happy to cut him some slack on Grieve production delays. After all, the Grieve field was initially acquired by Elk in 2005 and slippage is measured in years from first promises - well before BradL joined Elk.
ELK Price at posting:
9.3¢ Sentiment: Buy Disclosure: Held
