Elk has received the final report from the Enhanced OilRecovery...

Elk has received the final report from the Enhanced Oil
Recovery Institute (EORI) of the University of Wyoming
covering their evaluation of the gravity stable CO2 flood
of the Muddy reservoir of the Grieve Field.

The report provides further detail confirming the earlier
reported 23 million barrels of recoverable oil possible
from the Muddy reservoir.

The report indicates that a production rate of 8,000 -
12,000 barrels of oil per day (BOPD) is achievable once
the field is re-pressurised.

Re-pressurisation, as modelled, is expected to take at
least 2 ¼ years.

An actual residual oil saturation test performed by
Chemical Tracers Inc provided a close correlation to
simulated results.

The Company has appointed an Engineering Manager.