Microsoft Word - 150625 TJP Rev ASX Announcement -- Denbury Answers Elk's Lawsuit - Final Version
ABN 38 112 566 499
25 June 2015
DENBURY ANSWER'S ELK'S CIVIL LAWSUIT
HIGHLIGHTS
Elk Petroleum, Inc. (Elk Petroleum) filed a civil lawsuit in the United States District Court of Wyoming asserting several breaches of agreements between Elk Petroleum and Denbury Onshore, LLC (Denbury), including the Participation and Development Agreement (PDA) that was signed on 6 May 2011 for the development and operation the Grieve CO2-EOR project in Wyoming.
The Complaint seeks several remedies for Denbury's breaches including:
o Breach of Contract
o Specific Performance
o Declaratory Relief
o Attorney Fees and Costs
Denbury has filed an Answer and Counterclaims in response to Elk's Complaint
Elk Petroleum Limited (ASX Code: ELK) (or the "Company") advises that its wholly‐owned US subsidiary, Elk Petroleum, Inc., filed a civil lawsuit in the Wyoming Federal Court on 15 May 2015 asserting several breaches of the agreements between Elk Petroleum, Inc. (EPI) and Denbury Onshore, LLC (Denbury) including the Participation and Development Agreement (PDA) signed on 6
May 2011 that provides for the development and operation of the Grieve CO2‐EOR project (the "Project") near Casper in Wyoming, USA (see 18 May 2015 ASX announcement). Denbury is a subsidiary of Denbury Resources, Inc. (NYSE:DNR). Denbury is both a participant in and operator of the Project.
Since filing the lawsuit, EPI has discussed these matters with Denbury in an effort to find a resolution to the dispute. A resolution was not reached prior to the requirement for Denbury to respond to Elk's Complaint. Denbury therefore filed an Answer to Elk's Complaint and Counterclaims in the United States District Court for the District of Wyoming.
Elk will keep the market informed of the progress of the lawsuit as filings are made and the Court reaches decisions.
For further information please contact:
Scott Hornafius, CEO, of Elk Petroleum Limited and President of Elk Petroleum, Inc. Phone: +1 307 265 3326
OR
Elk Petroleum Investor Relations
Email: [email protected]
ELK PETROLEUM LIMITED
Suite 4, Level 9 Tel +61 2 9299 9690
341 George Street
Sydney NSW 2000
2
ABOUT ELK PETROLEUM
Elk Petroleum Limited ABN 38 112 566 499 (ASX: ELK) is an oil and gas producer and developer with assets located in one of the richest onshore oil regions of the USA: the Rocky Mountains. Listed on the ASX in 2005, Elk's strategy is focused on applying established enhanced oil recovery (EOR) technologies to mature oil fields. This strategy significantly de‐risks the process of finding and exploiting oil field reserves.
Leveraging proven EOR technology and experience, Elk is currently developing the Grieve oil field in Wyoming through joint operations with Denbury Resources (Elk - 35% WI) and planning for a CO2‐ based EOR project at the Singleton oil field in Nebraska (Elk - 100% WI & operator).
For more information on Elk, see Elk's most recent ASX Announcements and Investor
Presentations, which are available on Elk's website www.elkpet.com.
ELK PETROLEUM LIMITED
Suite 4, Level 9 Tel +61 2 9299 9690
341 George Street
Sydney NSW 2000