It is believed the company will seek up to $5 million in a capital raising.
The company's share price has been on an uptrend of late touching $0.31.
On 19th September, Elk's managing director Bob Cook presented at Proactive Investors' "Stars in 2012 Series" Investor Forum in Sydney and gained significant new support.
Elk is Australia's only Enhanced Oil Recovery company, and has a focus on projects in the U.S. Rockies. Its first major project is fully-funded.
Recently, Elk received a buy recommendation from DJ Carmichael with a twelve month target of A$0.47 - significantly higher than the last trade of A$0.31.
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