my thoughts

The quarterly was notable for the fact cash burn was lower than I expected, nice to see there is still $2mil+ left in the kitty.

Denbury "is expected to use a pattern flood" is good news in that Grieve could be a chance for first production around this time next year. Which means there is no excuse to be raising capital, take on a small debt facility and ELK are comfortably through to production. I would be very disappointed if ELK has more than 115mil shares on issue when Grieve starts pumping oil.

The Denbury machine is starting to roll they are already working over wells and have ordered long lead time items. That alone was worthy of its own announcement, a missed opportunity for a bit of publicity.

The Niobrara JV needs to be done in time to drill in the 4th quarter before winter sets in. If not dont bother...

Ash creek farmout, dont bother!!! Normally I would be the first person screaming for a deal to be done, however if Grieve is in fact likely to be in production shortly after, or shortly before, then there is no bennefit to be gained by giving away a massive chunk in the only oilfield we have managed to acquire in the last 6 years, when we would be in a position to fund it ourselves..

Kakadu, I am all for someone taking over operatorship of it not a core project, Elk can concentrate on the enhanced oil recovery projects...Speaking of which, it would be nice if we could acquire one or two with some debt.

Better times ahead!!
Cheers