Elk Petroleum Limited (ASX:ELK) entered into a non-binding letter of intent to acquire an additional 14% stake in Grieve CO2 Enhanced Oil Recovery Project from Denbury Onshore, L.L.C. on December 21, 2015. Under the terms of the deal, Elk will materially increase its working interest to 49% in the Grieve Project and cash flow entitlement from Grieve Project. Denbury will remain operator of the project, holding a 51% working interest. On May 27, 2016, Elk Petroleum has now executed a confirmation and extension agreement with Denbury Onshore pursuant to which the form of key definitive transaction documentation in relation to restructuring of the Grieve Project has been agreed. Binding agreements were executed on August 4, 2016. The deal is subject to negotiation and completion of definitive documentation for the entire transaction as well as Elk securing on a firm basis the required funding for the Grieve Project. The deal is expected to be completed by February 2016. As of July 11, 2016, the deal is expected to be completed on August 5, 2016. Miro Advisors Pty Ltd. acted as the financial advisor and Norton Rose Australia acted as the legal advisor for Elk Petroleum. Elk Petroleum Limited (ASX:ELK) completed the acquisition an additional 14% stake in Grieve CO2 Enhanced Oil Recovery Project from Denbury Onshore, L.L.C. on August 5, 2016.