Ann: ELK Update , page-3

According to the EORI newsletter, the JV anticipates booking between 12 and 24 million barrels of reserves in the field in 2012. I expect that means production will definitely happen from Grieve before year end. Invitations for public comments on the EA close tomorrow week so approval hopefully will be in February (as previously advised) and injection by end of April. I expect production could come any time from about August, which is not so far now.

http://www.uwyo.edu/eori/_files/newsletter/fall_2011_newsletter.pdf

As an aside, I’m surprised that management is showing some restraint with its cash. It’s now been 3 months since the $6M was raised and they haven’t spent any of it yet on acquisitions.