Ces , you might be a new boy to the share register but as the longer term shareholders can tell you there hasn't been any people " sitting on their hands in the last year or so " as I have noticed you have alluded too on several occasions now. Faced with our JV partner Denbury not delivering first oil for more than two years now and trying to hang us out, we were unable to liquidate the pipeline with no oil going down it , with no cash flow and with them running a concerted campaign to bring this Company almost to its knees in December last year .
The people you might refer too as " sitting on their hands" kept this Company solvent , firstly with the Metgasco deal in December and then with $3.6m funding from Republic in March. At this time final court proceedings were taken out against Denbury for 10-12 breaches of contract resulting in the very favourable progress where it is not likely Denbury will be causing this Company any more grief . Add to that this company's board has been strengthened with two very capable board members since January.
It is very pleasing to see this Company has appointed a very high calibre CEO to now build on the good progress made this last year or so and I'm sure Brad Lingo recognises the very high potential that now exists to take this Company foreword.
ELK Price at posting:
10.0¢ Sentiment: Buy Disclosure: Held
