october, page-27

guys, one thing you may have not relaised is that given that chemical flooding is not only cheaper but can also be done on a well be well basis means that ELK will not need a JV to progress the field as it could be funded incrementally. Even if less is recovered, it is all ELK's and there is potential for minimal dilution.

The JV for CO2 could also be a stumbling block in negotitians. Some one wants more than ELK are prepared to offer up.

Anyhow good days ahead for ELK, but it seems the overall market may not.