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Elk Petroleum Limited (ASX:ELK) Audited Financial Statements and Annual Report


(MENAFN- ABN Newswire) Sydney, Sep 25, 2017 AEST (ABN Newswire) - The Directors of Elk Petroleum Limited () () present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Group') consisting of Elk Petroleum Ltd (referred to hereafter as the 'Company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2017.

Principal activities

The company specialises in developing enhanced oil recovery ("EOR") projects. During the year the principal activities of the company consisted of the development of a CO2 EOR project at the Grieve oil field and production from the Madden/Lost Cabin project, both located in Wyoming, USA. The Grieve CO2 EOR project is operated by Denbury Onshore LLC and current operations are focused on development of facilities and on CO2 and water injection to re-pressure the Grieve field prior to commencing first oil production. The Madden field is operated by Conoco Phillips and is a cash flow positive methane and CO2 and gas processing production asset.

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About Elk Petroleum Limited

() ()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.


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