thanks to all those that sold, page-3

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