My rough valuation of ELK of cents per share basis:
Company valuation on 23 million barrels at $15 per barrel in respect of Grieve.
23 m barrels x $15 = $345,000,000
Less half for the JV partner = $172,500,000
Divided by 60 millions shares = $2.87 per share
Add 40cents ps for Sand Draw South = $3.27
Now trading at a discount of $2.80
This is a good story for a company that owns its oil fields.
DYOR
thanks to all those that sold, page-3
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