Presentation puts forward a number of points that suggest the...

Presentation puts forward a number of points that suggest the upside could be significant.

* - EBITDA of up to $67mil PA, The $55mil valuation Strachan attribute is well below a realistic figure.
* - Strachan suggest ELK will expand its Niobrara acreage before seeking a farmout. Which would significantly increase the risked valuation of $24mil.
* - The JV will also test Cloverly and Tensleep formations.
* - Potential for a 3month response for oil production based on a quicker responding model which would have huge implications for ELKs bussiness model going forward.

We will see a rerating very shortly once news regarding the modelling from Denbury is received..The upcoming Quarterly should expand on these details.

This will take of soon!!!!