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Awamoa
14-02-2006, 07:03 PM
Up 105% for the day.
This is the type of performance one dreams of.Its been on my watchlist and like a fool I never acted.Does anyone know the reason for todays rise?

Packersoldkidney
14-02-2006, 08:01 PM
I got today's rise....got most of that 105%, got in the other day at 54 cents after a reading a previous announcement and looking at the technicals. Look at the ann. today, there is defo more in this. I bought back in towards the end of the day, and I aint selling under $2 if I can get it.

tommy
14-02-2006, 11:17 PM
Congrats to holders, chart looks like a beaut with very thin sell side.

http://asx.netquote.com.au/charts.asp?code=elk&x=0&y=0


___
http://stocknessmonster.com/news-item?S=ELK&E=ASX&N=313998


NEW HYDROCARBON RESERVOIRS
IDENTIFIED

The Company is very pleased to announce the identification of
new hydrocarbon reservoirs located within the Upper Sand Units
at the Grieve Oil Field in Wyoming USA. The Company has
received an independent report from MHA Petroleum
Consultants, Inc (MHA) of Denver, Colorado confirming the
Companyfs belief that significant volumes of hydrocarbons are
present within the Upper Sand Units. MHA has estimated the
original oil in place (OOIP) in four of the Upper Sand Units of
approximately:

51.4 Million Barrels.

The OOIP is derived from recently completed RST well logs
(with carbon-oxygen mode run on selected identified zones of
interest), in conjunction with the re-analysis of historic well logs.
Confidence in this assessment is enhanced by hydrocarbon
shows reported in the Upper Sand Units during the drilling of
historic wells, production in these horizons in nearby oil fields,
and by recent oil shows observed by the Company in a number
of temporarily abandoned wells.

The Company will now undertake an appraisal programme to
define proven recoverable reserves for the Upper Sand Units.
The historic oil recovery from the currently producing Muddy
Formation OOIP is approximately 35% with total production
from the Muddy Formation of approximately 30 million barrels
of oil. Equivalent recovery rates in the Upper Sand Units
reviewed by MHA would result in recoverable oil of
approximately 18 million barrels of light sweet crude.
Concurrent with the planning of the appraisal programme, the
Company will prepare a reservoir model for each of the Upper
Sand Units to arrive at a development concept for the
exploitation of each sand unit.

The Company has also commenced the assessment of carbonoxygen
mode RST well logs and historic well log data for
additional Upper Sand Units at the Grieve Oil Field. Results will
be reported to the market once this assessment has been
completed.

The identification of new hydrocarbon reservoirs is an exciting
development for the Company and represents an opportunity to
achieve a considerable uplift in production from the Grieve Oil
Field.

Together with the redevelopment of the Muddy Formation, the
evaluation of the deeper Cloverly Formation, the redevelopment
of the Sand Draw South Oil Field and a successful acquisition
strategy the Company is progressing well with its aim of
becoming a significant oil producer in the near term.

Robert Cook
Managing Director

Packersoldkidney
14-02-2006, 11:48 PM
Tommy you don't need this one after FRE.

Moonshine
15-02-2006, 01:17 AM
Hey Tommy,

How do you get that the chart "looks like a beaut"??

Just a massive spike on what seems to be a good announcement.

Only thing i see going for it is the $18 million mkt cap at current prices...

Just interested in the charting angle that you describe?

Cheers,

Moonshine

tommy
15-02-2006, 01:32 AM
quote:Originally posted by Packersoldkidney

Tommy you don't need this one after FRE.


Hi Packersoldkidney,
I totally missed the boat in regards to ELK, congratulations mate!
Actually I have been selling off a lot of my holdings lately (GRO, ENG) and was looking at microcap shares to park my money... shame it's too late for me to enter ELK!


quote:Originally posted by Moonshine

Hey Tommy,
How do you get that the chart "looks like a beaut"??
Just a massive spike on what seems to be a good announcement.
Only thing i see going for it is the $18 million mkt cap at current prices...
Just interested in the charting angle that you describe?
Cheers,
Moonshine

Hi moonshine,

Err... please do NOT count on my charting skills, my skills are probably as good as your pet dog's or your dartboard[xx(] I normally take a look at the graph and try to determine whether it has momentum for a further price rise (worked well in case of ENG and FRE) after conducting a fundamental analysis. Massive apology to you if I sounded like technical analyst because I AM NOT, I only buy/sell based on fundamentals, but do try to determine the buy/sell timings by looking at the price trends (sometimes to no avail...) so sorry moonshine!

BTW, can you please kindly suggest any good resources for learning about charts for a technical newbie like me? I often sit on 20%+ losses for a few months before making a decent profit due to not being able to pick the right time! Any suggestions would be highly appreciated[:I]

Packersoldkidney
15-02-2006, 05:34 PM
Pummelled today.....I've picked up more sub $1. Will bounce, but when?

JBmurc
14-02-2013, 09:39 AM
been looking at this guys of late NPV $95mill market value =45mill

Got the below in my e-mail from investors in ELK does sound good even though it's a real ramp to get investors interested.. I'm purely looking at it for a short term trade...volume has picked up last week....

FEBRUARY 8, 2013
Thats right, you heard correctly this junior company WILL NOT fail to find oil. A bold statement you say? Well read on to find out how this is possible

Are you sick of oil exploration companies you are invested in spending millions of dollars drilling high risk holes that turn out to be empty? Tired of anticipating huge discoveries and massive share price returns, only to be slapped in the face with a dismal drilling result, while the share price plummets and your money disappears before your eyes? AGAIN!

Wait until you hear about this company. How can they possibly guarantee oil? I thought all small cap oil investing was supposed to be high risk?

At The Next Oil Rush we are always on the lookout for the next big thing, or trying to uncover a hidden gem, and we think we have found a junior oil company that is going to rock the foundations of traditional small cap oil investing in Australia, by using a little known technique to extract EXISTING oil reserves from abandoned fields oil that was previously considered un-extractable you wont believe how much oil is generally left in place after an oil field is abandoned.

Its a well known fact that when an oil discovery is made, the easy oil is extracted using natural pressure in the oil field and maybe pumps. When the pressure drops and the pumps stop producing oil, the field is abandoned right?

Take a guess at the percentage of oil that is usually left behind in an oil field because it cannot be extracted using traditional technology (natural pressure and pumps). Is it 15 percent? 30 percent? The answer will be revealed later in the article, and you wont believe it.

This junior company we have found is snapping up abandoned oil fields in the good ol US of A, and they plan to use Enhanced Oil Recovery (EOR) technology (also known as tertiary recovery technology) to squeeze out almost as much oil as was originally extracted from the fields before they were abandoned!

I can just imagine the previous owners of the oil fields openly sobbing and rocking back and forth in the fetal position after they find out how much oil is being extracted from the depleted fields they gave away for peanuts.

On top of all this, this $40 million company has caught the attention of a $7 billion US goliath of Enhanced Oil Recovery. Our company has inked deals that will allow them to sit back while this EOR goliath uses all of its expertise and does all the work, but more on this later.

The junior company is called Elk Petroleum (ASX: ELK).

You say you dont trade or invest on the ASX? You should still keep reading. I say this because part of the value proposition of Elk is the fact that it is listed on the ASX let me explain:

Elk is the ONLY ASX listed company that currently employs Enhanced Oil Recovery. EOR is essentially unknown in Australia, so the Elk story is not currently well understood or appreciated by ASX investors, and hence ELK is trading at the lowly market cap of $40 million, on relatively low daily volume.

The team at The Next Oil Rush are very excited about Elk, because of the fact that Australian investors do not yet understand the amazing, low risk, value proposition of Elk and its US based EOR projects, which presents a golden opportunity to take a position BEFORE the crowd catches on to this story. Aussie investors are too busy chasing new oil discoveries, but I dont think it will take long for them catch on though, especially when Elk starts seeing production from its EOR investments.

Regular readers will remember our 1000% Tip of the Decade post from March 2012, which has been up over 600% and is still rising:



And more recently our call on Jacka Resources (ASX:JKA):



Elk Petroleum, remember, you heard it here first!

Just to give you an idea on the power of the EOR technology Elk will be using here is a core sample that was taken from one of the abandoned oil fields that ELK acquired, you can see the residual oil left:



Now take a look at a core sample taken AFTER EOR and other processes were used to extract the leftover oil:



Where did the oil go? Into Elks storage tanks ready for sale into the oil hungry US market, thats where. Amazing right? Lets see these samples side by side (And no, these arent props from a tooth whitening commercial, but core material from one of Elks oil wells):



Too good to be true? Read on and you will learn about how EOR works, and you will be one step ahead of the Australian investment community, and can snatch this opportunity out from under their noses.

This article will explain why we like Elk, and why we believe the Elk stock price could be far north of where it is today by the end of 2013. We will start by providing a bit of information about the EOR process, and then discussing how ELK scores on our famous pre-investment checklist.

The pre-investment research checklist is outlined in our eBook, How to Invest in Resource Stocks.

Elk has some exciting news flow coming up over the next few months. However, to fully appreciate it you will need to understand the sector in which Elk operates. To help explain this for you we have prepared an introduction to Enhanced Oil Recovery (EOR 101).

You must graduate from EOR 101 before you can read the rest of this article.

For those new to this website, our pre-investment research checklist has been refined over many years of investing and working in a professional capacity with speculative resources stocks. It has helped us make some good investments, and avoid some very bad ones. It has also helped us set clear and realistic goals for any investment and have a clear and realistic exit strategy.

You can find out more about the pre-investment checklist in our book: The Resource Stock Investors Guidebook

But first, a bit about Elk Petroleum.

A quick synopsis of Elk:

Elk Petroleum is a $40m market cap oil and gas stock focused on Enhanced Oil Recovery (EOR), backed up by a JV with $7bn US listed major Denbury Resources, Inc. (NYSE:DNR). Elk is fully funded, has quality management, and is operating in and interesting, overlooked and underappreciated sector.

But to fully appreciate the opportunity presented by Elk, you must first understand EOR remember that Elk is the ONLY company listed on the ASX currently employing this technology.

EOR University: EOR 101 An Introduction to Enhanced Oil Recovery
EOR refers to technologies/processes employed to extend the life of a depleted oil reservoir.

This means that the oil is already there, so the traditional geological risk of having to find the oil is removed. What was your guess earlier about how much oil is left in an abandoned oil field after initial recovery? Well the answer is 62% of the oil remains after primary and secondary recovery!

Despite EOR being the third recovery process, it almost recovers as much production as primary or secondary recovery. The following diagram will put that in to perspective:



More than 250,000bopd are being produced by EOR projects in the US and this is expected to grow significantly over the coming years. See the below diagram showing the growth of CO2 EOR in the USA:





This video shows a very basic visual representation of the three phases of oil extraction:





The following video shows the application of CO2 flooding use in EOR



The next video illustrates how Denbury (Elks JV partner) is using CO2 Enhanced Oil Recovery (CO2 EOR) to increase domestic oil production in the U.S. Denburys CO2 operations and CO2 pipeline infrastructure also provide a promising method to safely sequester industrial CO2 emissions.


Another Denbury produced video giving a slightly more technical explanation of how the EOR process works, with some great visuals.


On May 15, 2012, San Antonio Mayor, Julian Castro, convened with regional energy leaders, hosting U.S. Department of Energys Charles McConnell, Assistant Secretary for Fossil Energy.

In this discussion, U.S. Department of Energys Charles McConnell, addresses the opportunities in EOR Enhanced Oil Recovery technologies.


The next video comes from when the House Energy Resources Committee met on June 26, 2012 and began examining the economic impact of increasing Texas energy production from multiple sources. The most interesting panel showed the potential of CO2 enhanced oil recovery

This panel included Bob Cornelius, senior vice president of operations at Denbury Resources; Michael Young, associate director of the UT Bureau of Economic Geology; and Michael Godec, an expert in energy market and energy policy analysis.


Congratulations! You have graduated from EOR University



As promised, here is an assessment of Elk against a few of our pre-investment checklist criteria:



Assessment of Elk using our Pre-Investment Checklist Criteria
The Next Oil Rush Pre-Investment Checklist Criteria has been carefully considered and put together by a team of contributors that has been successfully investing and trading oil and gas stocks for many years.

The check list explains exactly what to look for prior to making any investment in a speculative oil & gas stock.

You can find out about the full checklist in our eBook here, but for now we will be assessing Elk against a select few of the checklist criteria:

Pre-Investment Checklist Criteria: Is the company operating in up and coming (or underappreciated) market sector?

Elk is focusing on using Enhanced Oil Recovery (EOR) at its flagship Grieve project and Ash Creek project in the USA Rockies.

As you would know from your time at EOR University EOR is certainly exciting, up and coming sector, and Elk is well and truly an EOR play (and the ONLY EOR play currently listed on the ASX).

As discussed earlier in the article, Australian investors currently do not appreciate EOR, so this is another tick in the box when assessing Elk against this pre-investment particular criteria. We always like to invest in sectors BEFORE they become main stream and popular staying ahead of the herd.



Pre-Investment Checklist Criteria: Is there take over potential? Does the company have a JV? Is there nearology? Who is operating in the surrounding area?

The holy grail of the The Next Oil Rush investment strategy is the takeover or acquisition. When looking at a potential investment, it is always important to identify if there is potential for a takeover by a bigger player, or even a Joint Venture (JV).

Denbury was one of the early movers in the EOR space and is now one of the leading EOR producers in the USA with a market cap of $7 billion. Denbury is currently the second largest EOR producer in the US after being fifth 2 years ago and is now expanding its EOR interests with investments in the Rockies region (where Elks projects are located)



The potential of EOR has recently been demonstrated by Denburys sale of its non-EOR Bakken assets to ExxonMobil for US$1.6bn as part of the deal, Denbury also acquired from Exxon interests in two oil fields with EOR potential and access to 1/3 of ExxonMobils Wyoming CO2 reserves. See the following (click image for the full link):



This deal demonstrates Denburys confidence in EOR projects and its appetite for acquiring EOR assets. Interesting that Denbury had shown an interest in Elk in 2011 by entering into a JV for 65% of Elks Grieve project.

Almost as good as a takeover is teaming up with a bigger company in a joint venture. This will usually involve farming out a percentage of the project, and having a portion of future or past costs paid for by the partner. A good joint venture will involve an experienced operator, who takes over running the asset, and the small company can happily take a back seat and watch them do all the hard work and spend all the money.

Elks JV with Denbury was briefly mentioned earlier in the article, here are the exact JV terms from the company announcement:



I am sure youll agree that its a pretty sweet deal for Elk. This JV is a huge tick in the box for this pre-investment checklist item. Denbury is spending around $100m BEFORE Elk has to contribute a single dollar.

Denburys involvement provides a compelling endorsement of Elks Grieve EOR project, substantially reduces the execution risk of the project and implies possible takeover potential for Elk.

Pre-Investment Checklist Criteria; What is the long term company strategy? What are the long term prospects?

Elk is planning to become a 1,000 bopd producer within the next few years with an increase to 5,000 bopd in five years.

In revenue terms, this means that Elk will be bringing in (assuming an oil price of $100/bbl) somewhere in the range of $100,000/day with up to $500,000/day.

In annual numbers this equates to $36.5m in revenue (1000 bopd) with up to $182.5m (5000 bopd) each year!

Of course this is revenue, and we are ignoring costs. But Im sure you will agree this is not bad for a fully funded $40m market cap company.

Elks latest presentation shows Elks growth plans over the next few years:



At 5,000 bopd this would put Elk near the range of traditional explorer\producers such as Aurora Oil (ASX: AUT). AUT produced an average of 8,600 bopd in 2012, and is capped at $1.6bn.

You will notice if you read through Elks presentation that Elk state they are looking to emulate Denburys EOR growth model:



These are some pretty ambitious plans, but it is definitely exciting if a $40m market cap company is aiming to become a $7bn company.

Regular readers probably will have noticed that The Next Oil Rush is very interested in companies that try to emulate and repeat business models and strategies of successful companies. The Next Oil Rush recently wrote about Jacka Resources, who is trying to emulate the past success of Hardman Resources.

Below gives a snapshot of the success of Denbury:



Pre-Investment Checklist Criteria: Is there upcoming stock price catalysts?

The key to any investment is the identification of an upcoming catalyst for share price appreciation. An example of a catalyst can be the approaching target depth when exploring for oil, or approaching the forecast date for a joint venture with another company.

The key near term catalysts for include:

1) Potential reserves upgrade (Q1 2013)

2) Grieve CO2 injection (Q1 2013)

3) Ash Creek chemical injection (Q1 2013),

4) Ash Creek first production response (Q3 2013),

5) Grieve first production from CO2 injection (H2 2014)

6) New asset acquisitions expected in early 2013 (and ongoing).

As esteemed alumni of EOR University, I am sure you can now appreciate why these upcoming news events will add significant value to Elk



Pre-Investment Checklist Criteria: What is managements track record?

Neale Taylor (ELK Chairman) and Bob Cook (CEO) bring a wealth of industry experience to the table and have both based themselves in the US. They have a combined 80 years experience in the energy and petroleum industries. Both spent most of their early careers with Esso Australia; Neale is the former Chairman of Tap Oil and a former CEO of Nexus Energy. Bob also filled a number of senior management positions with Ampolex and provided consulting services to a number of major clients, including Roc Oil. Bob was instrumental in identifying Wyoming as an investment opportunity, acquiring the Grieve oil field and creating Elk Petroleum in 2005.



The chairman and CEO of Elk have recently moved away from their family homes and based themselves in east-central Wyoming in the USA, close to their EOR projects Now thats what I call commitment to the company! Elk is clearly not a lifestyle company, where directors squander shareholder money by flying around the world to glamorous cities and staying in 5 star hotels. The Elk directors being committed enough to move to regional mid west USA to be close to the company projects is a huge vote of confidence in our book .

Pre-Investment Checklist Criteria: Will the company need to raise capital imminently?

One thing you should always look at when analysing an investment is how long the companys current funds will last.

Although capital raisings are part and parcel of junior resources companies, investors are generally shy and will avoid investing money until a company is funded as capital raisings are generally done at a discount to market. Share prices are often suppressed if a capital raising can be predicted by the market.

Elk recently raised $5m concluding in December 2012 so you are finding out about this company just as they have secured some cash.

The JV with Denbury has seen Elk fully funded for the Grieve project (Denbury is paying for EVERYTHING to get the project operational and looks like doing so until oil production kicks in!)

We went back and had a look at how subscribed Elks last capital raising was. If a capital raising is oversubscribed, this is a reflection of the investor demand for that stock. The last raising for Elk was significantly oversubscribed which gives us confidence in investor demand for the stock.

Conclusion
Elk Petroleum is fully funded, has a free carried JV and funding from Denbury (in a $100 million project!), a strong management team and is operating in what could potentially be a huge expanding market EOR.

We are looking forward to watching the rise of Elk in 2013 and EOR gaining a wider investment audience, particularly in Australia, where Elk is listed.

So, if you are sick of oil and gas companies you are invested in drilling expensive, dry holes with your hard earned cash, take a look at Elk and use your diploma from EOR university to assist with some further research on Enhanced Oil Recovery. Elk is planning to extract oil THAT IS ALREADY THERE! No more dry holes.

Remember to always seek professional advice and that this is just our opinion on Elk. Do not take this as investment advice. All information presented in this article is publicly available.

We would suggest a good starting point for your research is Elks website (www.elkpet.com.au) where you can subscribe for updates from directly from Elk:

http://www.elkpet.com/investor-centre/elk-updates/

Good luck in your investments.

The Next Oil Rush

Crypto Crude
14-02-2013, 06:07 PM
JBMURC,
With zero study of ELK, Id say you have to be careful... I havn't looked at the company for quite some and for fun I'll check it out...
Onshore US is a tough business...
:cool:
.^sc

JBmurc
14-02-2013, 07:07 PM
Yeah for sure as having been invested in ADI,EKA,PSA,MPO,SSN,STX so had good knowledge of the onshore US failures
But I'll see how ELK goes I like the tech idea of producing from old discovery's with Co2

JBmurc
14-03-2013, 08:48 AM
From the Interim report--- (elk market cap 44mill)

On 12 February 2013, the company advised that Ryder Scott has reassessed the projected economic value of Elk’s 35% working interest in the Grieve EOR project. Elk commissioned the valuation for which Ryder Scott has assigned a net present value discounted at 10% (NPV10) of US$95 million (MM) for the base case recovery of 5.46 million net Elk barrels. The Ryder Scott economics are unrisked, before income tax and financing. Refer to ASX release for full outline of assumptions.

JBmurc
28-03-2013, 11:45 AM
Been a real pump n dump with these guys should have taken a profit when I had a chance just endless sellers with weak to no Buyer support hoping the near term chemical injection at Ash Creek will be the next SP driver ...

Elk Petroleum’s (ASX: ELK) largest shareholder Robert Healy has increased his stake in the company to 25.23% from 23.37%.

In a bullish sign, Healy had spent $1.25 million on both on market purchases and a recent company funding to acquire 8.25 million additional shares, bringing his total shareholding up to 42.36 million shares.

Elk and its operating partner Denbury Resources (NYSE: DNR) have recently started carbon dioxide injection at their Grieve Enhanced Oil Recovery Project in Wyoming and are poised to ramp up injection to about 40 million cubic feet per day.

This is up from the original 30MMcfd of CO2 that the joint venture had intended to inject into the Grieve Muddy reservoir and should accelerate the repressuring of the reservoir, allowing the remaining oil to be produced.

Water injection is also on the cards to further speed up this process.

Grieve has proved and probable reserves of 18.6 million barrels of oil.

Elk has A$3 million in cash though it is fully funded through development of the Grieve project.

http://www.proactiveinvestors.com.au/companies/news/40799/elk-petroleums-largest-shareholder-takes-stake-to-252-40799.html

JBmurc
08-07-2013, 03:45 PM
1 July 2013
ELK TO SELL GRIEVE PIPELINE FOR US$9 MILLION
HIGHLIGHTS
 Elk to sell the Grieve oil pipeline to Natrona Pipeline LLC for US$9 million  Natrona Pipeline LLC (NPL) has issued a Private Placement Memorandum (PPM)
o PPM to raise up to US$10.5 million o Privateinvestorstotakeupto65%forUS$6.825million o Elktotakeupto35%ofNPLforUS$3.675million o PPMOfferopenuntil6October2013
 Elk to realize up to US$5.325 million net from this transaction
ElkPetroleumLimited(ASXCode: ELK)ispleasedtoadvisethaton28June2013(USAtime), Natrona Pipeline LLC (NPL) issued a Private Placement Memorandum (PPM) to raise funds to acquire the Grieve oil pipeline (the Pipeline) for US$9 million from Grieve Pipeline Limited Liability Company (GPL), an Elk Petroleum Inc. subsidiary.
GPL will provide the Pipeline to NPL in an operable condition. NPL shall thereafter manage its operations. The Pipeline is expected to transport oil from the Grieve CO2 EOR Project to Casper for sale; NPL will charge a tariff for all oil shipped through the Pipeline. First oil production at the Grieve CO2 EOR Project is anticipated in mid-to late 2014.
To fund the purchase of the Pipeline, NPL plans to raise US$10.5 million. US$6.825 million is to be raised from private investors for the issue of 6,500 Class A Units (65%) in NPL. US$3.675 million will be raised from the sale of 3,500 Class B Units (35%) to Elk.
NPL and Elk have designed the PPM offering to provide an overall guaranteed annual interest payment of 8% to investors for 5 years plus the opportunity for possible distributions from tariff income that exceeds the expenses and guaranteed interest payments. Class A member investors will have an option to put all or some of their Class A Units to NPL, whereby for those put options exercised after 5 years, NPL will buy-back related Class A Units at their original value less previous distributions plus any retained earnings. Interest for the first three years is limited to 5% pa with the balance up to 8% pa to be paid at the end of the first 5 years. Beyond 5 years, all investors will receive their proportion of approved distributions from future tariff-based income. It is expected this design will attract strong support from USA investors looking to source interest income at rates above those typical of the current and medium outlook for the USA interest market. In addition, the prospect of sharing future tariff-based income to be derived by shipping oil from the Grieve CO2 EOR Project is providing upside appeal.
NPL has set a minimum required Class A Units subscription level of US$3.675 million for the offering to proceed. Above that level any shortfall against the maximum level of Class A Units will be covered
by a mortgage to Elk until additional subscriptions are received for any outstanding Class A Units. Elk will receive US$2.715 million once the minimum subscription level has been reached and up to a further US$2.61 million for additional subscriptions up to the maximum level (for a total of US$5.325 million to Elk).
Elk has committed to enter a transportation agreement, whereby its share of oil from the Grieve EOR project will be transported through the Pipeline for a tariff of US$2.60 per barrel. In addition, Elk has committed to make further contributions to NPL or to arrange loan monies to cover any capital shortfalls during the first 5 years. Elk will provide the Pipeline to NPL in ready-to-use order and is required undertake some modest repairs and install some additional crude inlet and outlet tie-ins at its cost; this work will be completed in time for transportation of first oil through the Pipeline.
Elks Chief Executive Officer, Dr. Scott Hornafius, commented that Elk believes the arrangement with NPL will prove attractive to both US investors as well as Elk. We expect a strong response to NPLs PPM offering. Elk will take up a 35% interest in NPL to protect its own position should the Grieve EOR Project yield upside oil production or face tariff increases. Sale of the Pipeline will be another milestone for Elk and reflects the strength of Elks asset base and Elks growing profile in local US markets as well as the Australian market as the Grieve CO2 EOR project moves towards first oil in mid-to-late 2014. The sale will provide cash to support Elks forward funding needs.
For further information please contact:
Scott Hornafius, CEO OR Phone: +1 307 265 3326
ABOUT ELK PETROLEUM
Elk Petroleum Investor Relations Phone: +61 2 8256 3262 Email: ir@elkpet.com

Minerbarejet
26-07-2013, 11:20 AM
trading halt and now suspension until monday - hmmmm somethings up - any ideas other than whats visible re sale of pipeline.

winner69
26-07-2013, 01:16 PM
Thought elk would be moose's favourite stocks but no posts from moose