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ELK, ELK PETROLEUM LIMITED
apache123
post Posted: Aug 13 2005, 08:27 PM
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QUOTE (blowout preventer @ Saturday 13/08/05 01:06pm)

QUOTE
400bod in 12 months is going to exhaust this 2bob oiler ; will need to do capital raising before long . Over priced here


Blowout,

It will be a good test to see how well the management team can juggle the cashflow and development. By the end of this qtr we should have a better idea of how they are doing. It is too early to say whelter capital raising is required.

Meanwhile, the Iran nuclear issue does not look like it will not be resolved easily. Iran is the second largest producer of oil in the world. If US threatens military action, the current price of oil will be history. If this scenario eventuates then a capital raising may be deferred or not required in the short term due to higher returns from oil sales.

http://breakingnews.iol.ie/news/story.asp?...406&p=y5z46zyyz

QUOTE
US President George Bush today warned that “all options are on the table” if Iran refuses to comply with international demands to halt its nuclear programme.


Apache



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blowout prevente...
post Posted: Aug 13 2005, 01:06 PM
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devilsmiley.gif 400bod in 12 months is going to exhaust this 2bob oiler ; will need to do capital raising before long . Over priced here ~! devilsmiley.gif

dyor

 
apache123
post Posted: Aug 12 2005, 10:45 PM
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Some geological info about the Grieve Oil/Gas field and the Muddy sandstone formation...

http://certnetra.cr.usgs.gov/1995OGData/Region4/PROV35.pdf

QUOTE
..... A major exception to structurally entrapped hydrocarbons in the Wind River Basin is Grieve field, discovered in 1954, which includes stratigraphically trapped hydrocarbons in the Muddy Sandstone (30 MMBO; 117 BCFG).....

Reservoirs:
The thickness of the Muddy is highly variable, as much as 150 ft in places along the west
margin of the basin, locally thinning and grading almost completely into shale and siltstone. In known producing fields it ranges from 20 to 52 ft. The excellent reservoir quality and the high quality of the oil (33û to 43û API) make it a prime drilling objective. Porosity ranges from about 9 percent to 13 percent at depths to about 11,000 ft.

Traps:
The trapping mechanism is updip pinchout of discontinuous reservoirs, such as in Grieve field, the largest Muddy field, where production is from an unusually thick section of estuarine sandstone that thins abruptly updip on the west where the petroleum is trapped. Depth of burial is from about 5,000 to 12,000 ft.

At Wild Horse Butte field (discovered in 1985) the Muddy produces gas at a depth of 14,046 ft.

Exploration status:
This demonstrated play is heavily explored along the southern margin of the basin but is lightly explored in the central or western part. Six fields greater than 1 MMBOE ultimately
recoverable have been discovered. They include Austin Creek (discovered 1988), Grieve (discovered 1954), Grieve North (discovered 1973), Sun Ranch (discovered 1987), Wallace Creek (discovered 1960), and Wild Horse Butte (discovered 1985). Wallace Creek and Wild Horse Butte are primarily gas fields.

Field sizes range from Grieve (30 MMBO and 117 BCFG), Sun Ranch (3.0 MMBO and 7.5 BCFG), Grieve North (4.5 MMBO and 6.6 BCFG), Austin Creek (1.5 MBO and 3.4 BCFG), and Wild Horse Butte (6.0 BCFG).

Resource potential:
Considering the fairly recent discoveries of new fields in this play, its potential is good. Most future discoveries will be small to medium size.





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Mondie
post Posted: Aug 12 2005, 08:18 PM
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This looks like a promising stock with an excellent business plan IMO. Very experienced management too. With the oil price high and looking to stay that way for at least the next 12 months Elk only has to get production upto 500bbl/day to have a strong cashflow. The bigger field projects then become self funding.

May have to buy into this one next week, thanks for the tip AC smile.gif

 
AgentCooper
post Posted: Aug 12 2005, 07:01 PM
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In reply to: apache123 on Thursday 11/08/05 05:11pm

I've been in on this one since the IPO.

Price action has only just begun. Like KAR it has a tight capital structure (but no options). Suggest people pick up a copy of Resource Stocks magazine to get the up to date picture on this one.

Management are very experienced in this field and honest.

I'm targeting $1 over the next 12 months.

Coop

 
apache123
post Posted: Aug 11 2005, 05:11 PM
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Looks like Bryant Mook has good connections in Wyoming Oil circles....

Could be some future juicy new projects in the pipeline....

QUOTE
Bryant Mook
General Manager Operations, USA.

Mr Mook has more than 28 years experience as a petroleum professional and holds a B.S. in geology from Southern Methodist University, in Dallas, Texas and a M.E. in Petroleum Engineering from Colorado School of Mines in Golden, Colorado. He is a member of the Pi Epsilon Tau, Petroleum Engineering Honour Society and has presented several papers on advanced petroleum production systems.

Mr Mook is currently serving as Chairman of the Wyoming State Petroleum Section of the Society of Petroleum Engineers. He has served as 1st Vice President and 2nd Vice President of the State Wyoming Geological Association.






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apache123
post Posted: Aug 11 2005, 01:23 PM
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QUOTE
The Grieve Oil Field was discovered in 1954 and produced approximately 30 million barrels of premium light sweet crude between 1954 and 1988. I ndependent assessment estimates there are total Reserves of 12 million barrels of oil remaining in the Grieve Oil Field, made up of Proven Reserves (0.185 million barrels), Probable Reserves (2.015 million barrels) and Possible Reserves (9.8 million barrels).

In June 2005 there was only nominal production from a single well in the Grieve Oil Field, sufficient only to maintain the production lease in good standing; amounting to approximately 20 barrels of oil per day (BOPD).

Development of the Grieve Oil Field will involve a four-staged process:

Stage One

Stage One of the development program is targeting early cash flow by re-establishing production of approximately 100 barrels of oil per day (BOPD) from four existing (but temporarily abandoned) wells. Existing site infrastructure will be utilised to re-establish production.

Stage One will be implemented immediately on listing on the ASX (June 2005) with targeted production of 100 BOPD to be achieved within 6 months of listing.

Stage Two

Stage Two is designed to increase production by re-establishing additional high flow rate wells. Existing fluid handling facilities, and large capacity but idle equipment already located in the field, will be refurbished and upgraded to handle higher throughputs. The high rate wells are targeted to achieve a production rate of 400 BOPD, within 12 months of listing.

Concurrent with the First and Second Stages will be the development of a new production model for the Grieve Oil Field that will enable the Company to determine the most appropriate methodology for an enhanced oil recovery program (EOR). T he objective of the EOR is to bring recovery of the original oil in place (OOIP) from the Grieve Oil Field to approximately 50%. The EOR program will be implemented during Stages Three and Four.

Stage Three

Stage Three of the development program would involve the drilling and completion of extension wells into the down-structure area of the reservoir Muddy Sandstone Formation. Production from the down-dip region is expected to initially have low water cut, but will eventually require additional water handling capacity in terms of separation and re-injection.

Stage Four

The Fourth and final stage of the enhancement program will be implementation of a long term recovery operation which may involve CO 2 injection, water flooding or water sweeping, drilling of new horizontal or multi-lateral wells, or a combination of these options.

In addition to its multi-staged development strategy the Company will aim to increase the Reserve base within the Grieve Oil Field by evaluating the previously unexplored Cloverly Sandstone, located stratigraphically 35 metres below the Muddy Sandstone Formation. The Cloverly Sandstone has the potential to add significantly to Reserves. This work will be carried out when re-entering existing wells during Stages One and Two.

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apache123
post Posted: Aug 11 2005, 01:02 PM
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In reply to: ShareScene.com on Tuesday 14/06/05 06:24pm

QUOTE

Issued Capital: 38,060,503 shares

Top 20 shareholders hold 43% of stock

Cash reserves at 30 June were $3.342 million.

The Company acquired the Grieve Oil Field in Wyoming, with daily production of approximately 20 barrels of oil per day and estimated reserves of 12 million barrels of oil.

Ø The Company acquired the Sand Draw South Oil Field in Wyoming, with approximately 47 barrels of oil equivalent per day and estimated reserves of 2.2 million barrels of oil.

Ø Daily production currently at approximately 67 barrels of oil equivalent per day.

Ø Estimated reserves currently stand at 14.2 million barrels
of oil.

Ø The strategic redevelopment of the Grieve and South Sand Draw Oil fields in Wyoming will increase daily production accredited to the Company to over 500 barrels of oil per day, within 12 months of listing.

GRIEVE OIL FIELD

The Company has commenced the first stage of the multi- stage redevelopment programme. The programme was commenced ahead of schedule and will be ongoing over the next nine weeks.

Elk Petroleum is currently producing oil from the Grieve Oil Field at a rate of approximately 20 barrels of oil per day (BOPD) and this rate will be significantly increased over the next three months.

As part of this redevelopment programme the Company will test the reservoir potential of the underlying Cloverly Formation. The Cloverly Formation has the potential to contain a separate hydrocarbon reservoir beneath the Grieve Muddy Formation in a similar structural setting.

The Grieve Oil Field was discovered in 1954 and is modelled to have original oil in place of approximately 85 million barrels of premium light sweet crude within a highly productive sandstone reservoir. Approximately 30 million barrels of oil have been produced since the discovery of the field. Many of the temporarily abandoned wells will be re-activated in the multistage redevelopment  programme.

SAND DRAW SOUTH OIL FIELD
The Company has completed the purchase of the Sand Draw South Oil Field in Wyoming, USA. The Sand Draw South Oil Field has current oil production of 47 barrels of oil equivalent per day (BOEPD). The purchase was funded out of existing cash reserves. The Sand Draw South Oil Field includes the following
components:

Ø 100% oil interest in approximately 240 acres, which currently has two producing oil wells and considerable processing and storage facilities. Current oil production of approximately 35 BOPD (86.5% NRI)

25% interest in 1,920 acres of adjoining property resulting in approximately 75MSCF/D (or 12BOEPD) net Elk production. Initial assessment undertaken by Elk Petroleum’s production team indicates that a redevelopment of the field can be undertaken by:

Ø The installation of higher volume pumps in current producing wells.
Ø The re-entry of 2 other wells and the installation of high capacity pumps.
Ø The potential to develop gas production opportunities in the 100% owned 240 acres.
Ø Upside potential within the 1,920 joint venture operated property.

NEW PROJECTS
The Company continues to assess a number of additional producing and near term producing opportunities.

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ShareScene.com
post Posted: Jun 14 2005, 06:24 PM
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Upcoming Float:
ELK PETROLEUM LIMITED (ELK)

Thankyou
Sharescene.com

 
 


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