Grieve:

 - CO2 project

   -- certification of reserves

   -- CO2 supply

 - new well to test Upper Sands

Sand Draw South:

 - maximize production

Exploration Acreage:

 - continue acquisition

Overview:

Elk Petroleum is an Australian based company established to take advantage of petroleum redevelopment opportunities in the USA. The Company was admitted to the Australian Stock Exchange in June 2005.

The Company has two 100% owned producing fields in the Wind River Basin in Wyoming, a 50% share on a field in the Powder River Basin in Wyoming and a growing exploration acreage position.

The Company’s Board and management team has proven expertise in applying new technologies to mature oil fields. It is anticipated that application of these technologies will allow considerable improvements in hydrocarbon recoveries at the Grieve Oil Filed.

The Company is currently working on multiple high potential projects and will continue to use its network and significant experience to evaluate opportunities to acquire land holdings in the USA.