Managing Director Interview with CommSec Executive Series
Sydney, Feb 28, 2017 AEST (ABN Newswire) - Elk Petroleum Limited (ASX:ELK) (EKPTF:OTCMKTS) provides the opportunity to watch a video broadcast of Mr. Brad Lingo, Managing Director and CEO discussing with Mr. Tom Piotrowski the latest developments regarding Elk's purchase of the Madden Gas Field and the Lost Cabin Gas Plant.
To watch please visit the CommSec website and go to the link for Elk Petroleum or visit the Elk website, (refer to links below).
- Elk is focused on redevelopment of historically producing conventional oil fields to produce significant remaining in place oil by applying enhanced oil recovery ("EOR") methods
- EOR is a well established low risk redevelopment methodology established during low oil price environments to maintain production and profitability from existing assets
Material Gas & CO2 Acquisition:
- Secured significant interest in Madden Gas Field -a material US gas and CO2production asset with high quality, long-life reserves & production
Long Term Production:
- EOR and production projects are long term producers with forecast production commencing January 2017 with forecast Elk net production 9 to 12 MMboe production through 2023(1) with Substantial production growth upside from existing assets
Cash Flow Positive:
- Elk now a meaningful producer with 2017 production at ~3,000 BOEPD
- Forecast net operating income for CY2017 ~US$7 million and forecast Elk net annual net operating US$22-US$38 million per annum for 2017-2023(2) period
KEY TAKEAWAYS - INVESTING IN ELK
- Only ASX-listed oil company focussed on enhanced oil recovery (EOR)
- Main projects are in the prolific Northern Rocky Mountain Oil Fairway in USA
- Madden/Lost Cabin acquisition delivers significant growth in long-life, low risk, high quality reserves & production
- Madden/Lost Cabin acquisition also accelerates Elk achieving positive operating free cash flow effective January 2017
- Company's flagship Grieve Project is over 80% complete
- Grieve Project fully funded from combination of senior debt and new equity capital funding
- Anticipated Grieve first oil production late 2017/early 2018
- Elk is now becoming a CO2supplier in its own right with Madden/Lost Cabin acquisition
- Northern Rockies CO2EOR production fairway is extensive with additional projects in close proximity to CO2infrastructure and Elk's CO2reserves supporting additional growth
To view the full Presentation, please visit:
To view the video interview, please visit:
(1) Range based on 2P and 3P forecast production for Grieve and NSAI PDP and Operator forecast production of Madden.
(2) Range based on Futures to Bloomberg Consensus (Bloomberg, 14 Feb 2017) for 2P and 3P production profiles for Grieve; FuturestoBloomberg Consensus (Bloomberg, 14 Feb 2017) for PDP and Operator production profiles for Madden.
About Elk Petroleum Limited
Elk Petroleum Limited (ASX:ELK) (OTCMKTS:EKPTF) is an oil and gas company specialising in Enhanced Oil Recovery (EOR), with assets located in one of the richest onshore oil regions of the USA, the Rocky Mountains. Elk's strategy is focused on applying proven EOR technologies to mature oil fields, which significantly de-risks the Company’s strategy of finding and exploiting oil field reserves.