agm presentation, page-25

Thanks again DJG,

I do think Ash Creek has a lot of potential, let’s hope there’s oil in that test.

Mike,

It’s interesting that the same parties are looking at a JV for the chemical flood of Grieve. I think once the uni report comes out confirming recoveries and NPV then a JV agreement can be sorted out quickly and the testing in place for April 2009. The JV partner would pay the costs so ELK will get a free ride. Reserves to 1P or 2P will be nice.

What value will 8MBO at 2P have? (assuming ELK farms out around 50%).

BTW, did management say anything about the timing of the uni report into chemical flooding?