Ann: Research Report , page-8

"The details on the niobrara are interesting. They use a figure of 9MBO from the 3,700 acres based on 400K bbls per 160 acre section. The higher figure of 800K would double the yield to 18MBO. Figures of upto $5,000 per acre are quoted for lease sales. If ELK could farm-out 50% at something similar we wouldn't need a capital raising."

Guess what?

Those figures realting to well spacing are unrealistic.

It doesn't matter if they come from this company, the research house, SSN, CHK or anyone else.

They will NEVER happen. I posted that on the SSN thread before.

IMO those figures are totally unrealistic and it calls into question the entire basis of the valuation for this prospect and others as well.