Well they managed to get it out this morning - must have missed...

Well they managed to get it out this morning - must have missed the Friday night deadline........

Too bad the the Niobrara 'event' that everyone here on the boards is dead as a doornail as far as anything being done.

The usual Elkspeak and enlisting some consultants to get a partner.

Not one solid lead on the Niobrara. Negotiations haven't even started "Elk anticipates......that negotiations will take place and conclude in the coming months".

Real world translation: we got nothing on the plate right now and haven't got anything done and maybe we may possibly, kinda, sorta might have something in the future.

Ash Creek? Well the Elkstudies are supposed to be done next month.... and now they are trying to farm out some its WI in Ash Creek.

Hey Elk, at 10 bopd you ain't going to get squat. I'll give you 2 cents for and that is being generous.

Hereford?

Give me a break. Another study completed with a proposed develpment plan. Now they only need a partner with some cash to throw away on the project. Write the entire project and asset off - it is worthless.

As such Niobrara joins Ash Creek and Hereford on the long list of Elksprojects.

So three projects that are IMO basically worthless and a drain on the resouces of Elk.

G should be spun off to a royalty trust with no involvement from the current BOD and management. The resulting trust securties would be worth multiples of the current Elk share price and the stub should be allowed to die.

Admin Costs:

Still chugging along at ridiculous levels. Only $563,000 this time for a $2 million per year rate. And here we thought that the costs were going to go down!!

That works out to only $375 per barrel of oil produced!! And 7 times the amount spent on production!!

Pathetic and ridiculous.

And the good news from the quarterly?

Only one: they still have a little over $2 million in cash which means that they can keep spending their ridiculous amount on administration for at least three more quarters until G comes into operation.

So I'll increase my sentiment to ST sell.