It seems that the market has not yet understood the ELK:ELK has...

It seems that the market has not yet understood the ELK:
ELK has all the infrastructure in place to pump the sweet stuff/it is close to its market [incl. ~ zero sovereign risk]
Rick Wood and Bob Cook will take the time to consider all the options open to them to maximize shareholder value [and the Directors as a group are the biggest s/holders so all s/holders interests' are aligned]:see announcement

The Company will now undertake an appraisal programme to
define proven recoverable reserves for the Upper Sand Units.
The historic oil recovery from the currently producing Muddy
Formation OOIP is approximately 35% with total production
from the Muddy Formation of approximately 30 million barrels
of oil. Equivalent recovery rates in the Upper Sand Units
reviewed by MHA would result in recoverable oil of
approximately 18 million barrels of light sweet crude.
Concurrent with the planning of the appraisal programme, the
Company will prepare a reservoir model for each of the Upper
Sand Units to arrive at a development concept for the
exploitation of each sand unit.
The Company has also commenced the assessment of carbonoxygen
mode RST well logs and historic well log data for
additional Upper Sand Units at the Grieve Oil Field. Results will
be reported to the market once this assessment has been
completed.
Together with the redevelopment of the Muddy Formation, the
evaluation of the deeper Cloverly Formation, the redevelopment
of the Sand Draw South Oil Field and a successful acquisition
strategy the Company is progressing well with its aim of
becoming a significant oil producer in the near term.

Thus we could see significant oil production by end 2006

No doubt these developments will have come to the attention of the 'majors'..thus the ELK is latent with potential and IMHO the share price even now does not reflect this : so in a word a 'BUY' IMHO