Ann: AGM Address to Shareholders - Managing Director, page-12

Hi Risk

Not sure if you are asking me if ELK will rush to buy fields or the market generally.

There is no doubt the Aneth came along a bit early for ELK, they were originally trying to farm into the Resolute interest but when the field came on the market, they understood it was a once in a generation asset which they couldn't pass up.

Brad has stated their path to 25000 BOEPD will be a combination of

1) increasing the production in their current assets, especially Aneth,

2) increasing their equity interest in their current assets, I can see them buying out Denbury at Grieve, and picking up Conoco Phillips 46% of Madden, possibly in conjunction with Moncrief Oil.

3)They will also pick up additional EOR assets, either already in production or pre development.... the latter probably from Denbury.

Cheers

Dan