i am out - adios amigos elk'ers !, page-4

Can't believe people are selling now!. Isn't it a bad idea to buy high and sell low or in this case at nearly the lowest price? Final Investment decision for Grieve is only less than 2 months away (October 09). Surely after holding for years, a 2 month wait is not too bad especially since the potential upside is a lot bigger than the downside(since we're already at near all time lows).

Phase 1 of Grieve alone is expected to recover between 2.8 to 3.7mmbbls. As Chemical Flooding is expected to be profitable even at 40/bbl, it is conservative to assume that Phase 1 alone should generate profits of between $78 million and $103million using the current oil price of $68/bbl. Compare this with the company's current market cap of $13 million and surely you'll start to see the light at the end of the tunnel.

In fact if Phase 1 is successful then Chemical Flooding could potentially recover up to 15mmbbls. That's $420 million. Now that, IMO, is definitely worth waiting 2 months for.

All the best to everyone that's still holding.