Comments in two parts: (1) Grieve (2) Ash Creek(1) GrieveWell we...

Comments in two parts: (1) Grieve (2) Ash Creek

(1) Grieve

Well we got a 'no new news' announcement on funding from Elk.

The updated information "has been included in the due diligence documentation being provided to potential fundes for the project."

So we still don't have any funding, just 'potential funders'.

Also notice how the project just keeps getting smaller and smaller? Production only to 2020 instead of 2029....stage one moving from 10 injection wells to two injection wells?

Is this due to trying to maintain the 'deadline' which is also now described as 'by the END of Ocotber 2010' (????):

"....it is possible to fabricate and install the Grieve facility in this configuration by the end of October 2010."

I guess that reading between the lines it means that it is now IMPOSSIBLE to maintain the deadline of October 2010 for the originally envisioned 10 injection wells and program........

Well, golly gosh gee.........I guess being wordmiths and changing the rules as well as the type of game allows one to stick to that 'deadline'.

(2) Ash Creek

Just how much oil was produced? I guess we have to do the math ourselves as they wouldn't provide a number. (Another example of not being pinned down to a number in case the well doesn't measure up???)

So I guess that they expect us to take the '400 barrels of fuild per day'and multiply it by the 18% oil cut to come up with a number of....................let's see now this is difficult.......................72 bopd...............maybe...........???????????

Again reading between the lines from the announcement we already have the excuses being given to us for not having the well in production as given in this announcement:

"has been evaluating the significant issues involved with putting the Trusler #1 well back on production in an abandoned field area.....blah, blah, blah".

And "could possibly be in production as early as mid-June".

And of course the successful production test needed in order to get another six wells by the time US winter sets in.

Now with all the bountful expertise accumulated by the ELK BOD over the years (Some 177 YEARS) and the main area of effort with the current producing area, I would have thought that getting ONE WELL in production wouldn't be that big of a deal.

This isn't a series of wells or a large field. Just ONE WELL!!! I would have also thought that they would have already considered what they would have needed to get the well into production PRIOR to drilling the thing and not do that in the two weeks AFTER it was drilled.....

We also certainly don't need a garbage list of excuses why they may or may not be able to get the well into operation.

Geez, what are we paying these people hundreds of thousands of dollars for?

In conclusion, I see nothing that will move the share price in the short term until funding for Grieve is announced. It appears that it is still not settled and this a going to be the situation even a month after the April 'deadline.' The Ash Creek result was a non starter and in fact the share price has moved down since the result was announced. The market could care less about Ash Creek and neither could I as its impact on the overall future of the company is negligible.

We need a new BOD and people that will look after the ordinary shareholder.