reclassification of 18.6 million barrels to 2p

With the imminent reclassification of 18.6 million barrels to 2P at Grieve, one only needs to assign a $15 per barrel and his would provide ELK's 35% free carried ownership a value of over 60 cents a share (Grieve alone).

This does not take into account that ELK owns 100% of the Grieve crude pipeline which will allow ELK to earn a very handsome royalty which based upon the conservative estimate of 18.6 million barrels yielded this adds 10-15 cents to the share price.

Add to this the value of Ash Creek which should be producing 100 barrels of oil per day by early next year and this company is grossly undervalued.

Furthermore, the recent EOR Syngas deal could be a very lucrative proposition.

The patience is soon to be rewarded for the long suffering shareholders who have seen his potential since 2006....