CALGARY, ALBERTA–(Marketwired – Dec. 18, 2013) –
Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX VENTURE:MEI) is pleased to provide an update on its 2013 drilling program.
- The 20th Stolberg Cardium horizontal oil well at 102/10-11-42-15W5M, was placed on production November 30, 2013. During the first two weeks of December the well flowed at an average unstimulated production rate of 695 bbls/d (521 net) of 43° API light oil. This exceeds management’s expectations and provides support for two or three incremental follow-up locations to Manitok’s current risked inventory at Stolberg.
- The Stolberg vertical natural gas well at 103/2-11-42-15W5M/02, drilled into the Ostracod formation was placed on production December 10, 2013. The well is currently flowing at 3,610 mcf/d and 22 bbls/d of condensate or 624 boe/d (468 net).
Based on the most recent field estimate from December 15, 2013, Manitok’s current production is in excess of 5,500 boe/d with oil and condensate at approximately 55% of total production. Manitok expects to meet or exceed its 2013 production exit rate guidance of 5,300 to 5,500 boe/d. Manitok anticipates providing further information regarding its 2014 guidance in late January.
- The drilling of the 21st Stolberg Cardium horizontal oil well at 100/11-12-42-15W5M is continuing as planned. Production test results are anticipated in January. Manitok is expecting the typical industry shutdown on all of its drilling operations over the holidays.
- Drilling of the second earning well of the Quirk Creek farm-in with Legacy Oil + Gas at 100/16-1-21-4W5M is underway. Production testing for this well and the horizontal well 100/11-31-20-3W5M which we previously announced in our press release dated November 28, 2013, are anticipated to begin February 2014. The production test of both wells will occur through temporary facilities over a period of approximately three months in an effort to understand the potential reserves recovery and deliverability of the reservoir.
Entice Area Update
Manitok is currently reprocessing 420 sections of 3D seismic it received as part of the Lease Issuance and Drilling Commitment Agreement with Encana Corporation. To date, 80% of the seismic has been reprocessed. Drilling location selection, along with field work, is underway in anticipation of the drilling program to begin later in the first quarter of 2014. Manitok will initially be targeting Nisku, Ellerslie (Basal Quartz) and Glauconitic crude oil opportunities; however other crude oil opportunities such as the Pekisko, Wabamun and deeper Devonian prospects may develop as Manitok completes additional work.
Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills and Southeast Alberta. The Corporation will utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in both the Foothills and Southeast Alberta areas of the Western Canadian Sedimentary Basin.
For further information view our website at www.manitokenergy.com.
This press release contains forward-looking statements. More particularly, this press release contains statements concerning operational and drilling plans, the development and growth potential of Manitok’s properties, the anticipated timing of the drilling of the well under Manitok’s farm-in agreement with Legacy, the anticipated timing of production test results, the timing of drilling and productionand