Calgary-based Manitok Energy Inc. (ticker: MEI) announced in December that the company has set a new production record. Manitok is currently producing at levels exceeding 7.1 MBOEPD (40% light oil and liquids), based on field estimates, surpassing its previously announced record production of 6.5 MBOEPD.
Manitok attributed the increased production to three wells that the company brought on production in southeast Alberta before the end of November, and its fourth quarter acquisition of 1.8 MBOEPD of production from a private Alberta-based oil and gas company.
Two of the three wells the company drilled before the end of November were located in Carseland, while the third was located in Wayne, the company said.
Manitok had previously announced the test results of two of its previously drilled Carseland wells. It announced Thursday that its 10-04-23-25W4M (the 10-04 well) produced 354 BOEPD (66% light oil). The two previously drilled Carseland wells produced 674 BOEPD and 442 BOEPD.
The company also announced the test results for its first well drilled in the Wayne area located at 15-19-28-21W4M (the 15-19 well). The well targeted the Lithic Glauconitic (LG) sands in the upper Mannville Group and produced 366 BOEPD (9% light oil). Manitok anticipates that associated liquids with the Wayne well will equate to about 28 barrels per MMcf of NGLs, in line with other LG wells drilled in the area.
The four wells mentioned above were drilled and completed for a total cost of approximately $6.6 million, or an average of $1.7 million per well. Manitok plans to drill two more LG wells at Carseland before year end, the company said. Those wells and the 10-04 will be placed on production in 2017.
Manitok owns about 800,000 gross acres in Alberta, with nearly 300 net drilling locations available. The Entice area generates the company’s best returns, with some Carseland wells yielding over 150% IRRs at current oil prices. The company reports that the use of monobore well designs has reduced capital costs by 50% when compared to 2014 prices.
The recent upgrade to the company’s Carseland gas processing plant will provide significantly more capacity for handling production in the Manitok’s best acreage.
Source: Manitok
EnerCom Dallas presenter: MEI
Manitok Energy will be presenting its story at the Tower Club Downtown Dallas on Thursday, March 2, as part of EnerCom Dallas, an investor conference which is modeled after EnerCom’s The Oil & Gas Conference® in Denver.
The Dallas conference is designed to offer investment professionals a unique opportunity to listen to a wide variety of oil and gas company senior management teams update investors on their operational and financial strategies and learn how the leading independent energy companies are building value in 2017.
The forum offers healthy dialogue and informal networking opportunities for attendees.
To sign up for EnerCom Dallas and hear Manitok, request one-on-one meeting with management, or to find out more information about presenting companies and industry experts speaking at EnerCom Dallas, click here to visit the conference website.
