18.6m barrels of oil at under 2 bucks a barrel

what amuses me is folks search through the entire asx for value and then find it hard to commit when they do

this is silly silly silly cheap it's selling at a value that reflects its current cash flow and none of the 18.6M barrels of reserves is priced in

folks are to lazy to do the research and would rather follow a miner around praying that the assays come back with some good news than take whats virtually a sure thing like ELK

yes thats right ELK is as close to asure thing as you get

Rancher's CEO the other day in his quarterly call said "there has never to his knowledge been a technical failure on a Co2 recovery site" he added "sure you occasionally have technical difficulties but there has been never been a full recovery failure or even a major partial one"

think about that for second

Ryder Scott have just confirmed that 18.6M barrels and there has never been in history a technical failure of a Co2 recovery site and after the Ryder report there is virtually zero risk that ELK will be the first

So the next question is, can ELK get the Co2?

Well ELK are 2 miles from the Co2 pipeline it runs right through ELKs Grieve field.

So the next question is is there Co2 available? its not only available the Wyoming State government has told Exxon if it does try harder to sell it they will close down their gas plant.

http://www.jacksonholestartrib.com/articles/2008/05/20/news/wyoming/8da00eb9228476818725744c00212f3f.txt

So we have 18.6M barrels of oil, ample supplies of Co2 running past the front door, a $33M market cap or the opportunity to buy oil at under 2 bucks a barrel

Name another oil play on the ASX where you get confirmed resource for under 2 bucks a barrel in the ground!