Elk Petroleum Limited announced the commencement of the Aneth Monobore Well Program and delivering an immediate success with the repair and reinstatement to production of the E-313 oil well in the CO2 EOR Flood Project area within the Aneth Unit of the Greater Aneth Oil Field. The E-313 well was successfully repaired with an innovative well repair design installing and cementing within the existing well bore an entirely new chromium steel large-diameter monobore tubing delivering a flexible and permanent well repair. With the new well repair solution, the E-313 has returned to production at a current free flow rate of over 180 BOPD at a 10/128 choke from the Desert Creek Zone 1 reservoir unit (a rate more than double the rate when the well was temporarily abandoned) for a total gross capital cost of less than design USD 355,000 (Elk share approximately USD 220,000). From this first operation, Elk has identified further cost reductions to be employed on future monobore repair wells, that will provide for USD 300,000 per well. At current oil prices and well flow rates the full cost of the E-313 well repair is expected to payback within 60-days and the well is expected to have an estimated ultimate recovery of approximately 500,000 barrels of oil ­ an incremental capital development cost of USD 0.71/barrel. The E-313 was a long-term inactive production well, temporarily abandoned due to deterioration of the original conventional carbon steel well casing and production assembly that had significant mechanical integrity issues. The well had previously been deemed marginally economic to repair or replace by the previous operator using traditional well workover techniques that would require subsequent major repairs, or conventional new drill well design. A limited lifespan traditional well workover would have cost over USD 450,000. A new drill and completion for a replacement production well utilizing conventional well design was estimated to cost approximately USD 2.5 million.