CALGARY, ALBERTA–(Marketwired – Dec. 8, 2016) – Manitok Energy Inc. (the “Corporation” or “Manitok“) (TSX VENTURE:MEI) is pleased to announce that it has achieved another production milestone. Based on field estimates, Manitok’s current production level exceeds 7,100 boe/d (40% light oil and liquids) surpassing Manitok’s previously announced record production level of 6,500 boe/d at the end of October 2016.
The Corporation attributes the increase to placing three (two in Carseland and one in Wayne) of the four recently drilled oil wells in southeast Alberta on production before the end of November and to the previously announced fourth quarter acquisition of approximately 1,750 boe/d.
While the Corporation has announced test results for the first two wells drilled in the Carseland area, namely, the 14-32-22-25W4M well (674 boe/d) and the 13-33-22-25W4M well (442 boe/d), it is pleased to announce the test results for the third Carseland well located at 10-04-23-25W4M (“10-04“) and the first well drilled in the Wayne area located at 15-19-28-21W4M (“15-19“). The 10-04 well targeted the Lithic Glauconitic (“LG“) formation and was completed with a multi-staged fracture treatment. After flowing back to clean up post-frac, the 10-04 well produced 354 boe/d comprised of 233 bbls/d of light oil and 0.75 Mmcf/d of natural gas. The 15-19 well also targeted the LG formation and was completed with a multi-staged fracture treatment. After flowing back to clean up post-frac, the 15-19 well produced 366 boe/d comprised of 34 bbls/d of light oil and 2.0 Mmcf/d of natural gas. As with the other LG wells drilled to date in the area, Manitok anticipates the natural gas from these wells to yield about 28 bbls/Mmcf of NGLs.
The above mentioned four new wells (100% Manitok working interest) were drilled and completed for a total cost of approximately $6.58 million, or an average of $1.65 million per well. With the completion of the first four wells of the 2016 drilling program, Manitok has added approximately 1,800 boe/d (45% oil) of initial production capability. Manitok plans to drill an additional two LG wells (100% working interest) at Carseland before year end. These two wells and the 10-04 well will be placed on production in 2017.
Manitok is a public oil and gas exploration and development company focused on Lithic Glauc oil reservoirs in southeast Alberta and Cardium oil reservoirs in west central Alberta. The Corporation will utilize its experience and new technology to develop the remaining untapped oil and liquids-rich natural gas pools in its core areas of the Western Canadian Sedimentary Basin.