CALGARY, ALBERTA–(Marketwired – Oct. 31, 2016) – Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX VENTURE:MEI) is pleased to announce that it has closed its previously announced acquisition (the “Acquisition“) of certain assets that are anticipated to average approximately 1,750 boe/d (34% light oil and NGLs) in November 2016. A majority of the assets being acquired pursuant to the Acquisition are comprised of mature Cardium light oil and natural gas assets in the Willisden Green area of west central Alberta and includes other oil & gas assets in Alberta. For further details regarding the Acquisition, please see Manitok’s September 29, 2016 press release, a copy of which is available under Manitok’s profile on SEDAR at www.sedar.com or on Manitok’s website at www.manitokenergy.com.
With the completion of the Acquisition, Manitok anticipates that its current production levels will be approximately 6,500 boe/d (38 % light oil and NGLs) which is the highest level of production achieved by Manitok to date. In addition, Manitok has recently finished drilling three Lithic Glauconitic (“LG“) wells in southern Alberta. Two wells were drilled in Manitok’s Carseland field immediately offsetting the first two successful LG wells drilled by Manitok in 2014 and one well was drilled in the Wayne field, testing a new trend which has similarities to the trend at Carseland. The first Carseland well has been completed, with the other two well completions to follow shortly. Production testing results will be released over the course of the next three weeks as operations are completed.
Manitok is a public oil and gas exploration and development company focused on conventional Mannville and Cardium oil and gas reservoirs in both southeast, and west central Alberta. The Corporation will utilize its experience to develop the untapped conventional oil and liquids-rich natural gas pools in its core areas of the Western Canadian Sedimentary Basin.
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More particularly, this press release contains statements concerning anticipated benefits of the Acquisition and anticipated level of production of Manitok following the completion of the Acquisition, statements concerning planned exploration and development activities and the development and growth potential of Manitok’s properties,