potential for upside in the short term

A few posters have pointed out that investors are not willing to rerate oil companys at the moment....I agree, investors are being particularly hard on companys that dont have reserves or revenue or the potential to grow reserves or even worse companys that have none of the above.....I do think ELK stands out from the rest, so if ELK finds it hard in the current environment I expect most others to continue getting belted...... of course this will be the perfect place to be invested when oil prices continue to rise and the market changes its sentiment towards oilers....

1-reserves- Hopefully RS will assign reserves that even when conservatively valued ,compared to the rest of the sector will still leave room for a significantly higher shareprice even if it trades at significant discount to what would be attributed in normal times...

2-Revenue....Current revenue is larger than most companies relative to market cap.....excepting those with a low chance of increasing their reserves....

Denburys west Mallalieu field started to respond after 4 months of co2 injection....Elk is likely to see first oil within 6 months of first injection...so revenue streams would not be far down the track...

The upper sands which are highly likely to be successful would be brought online quickly due to the infrastructure already being in place....I would expect ELK to move to drill the new well within the next few months.

Ash creek has infrastructure in place, so any success with the upper sands, will be quickly brought online....I would expect these to be tested also in the next few months...also has potential to workover the shannon as was done at SDS....

3-Potential to grow reserves.....Shallow gas acreage has significant potential....I would expect ELK to use a JV partner to fund this work....A jv would give the market a fair indication of the value the industry places on this acreage....could be a catalyst for a rerating as well....

Tertiary recovery from old fields will be a lucrative industry going forward.....Wyoming is at the forefront of the industry and ELK is set to become a leader as well, the potential for ELK extends way beyond the US..
Cheers