Paying down debt and building out infrastructure has allowed Manitok Energy to switch gears to growth
Manitok Energy (ticker: MEI, ManitokEnergy.com) presented at EnerCom’s The Oil & Service Conference ™ 14 March 9 at 4:00 p.m. PST. Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian Foothills along with crude oil in Southeast Alberta.
During the company’s presentation, Manitok CEO Mass Geremia discussed Manitok’s recent purchase of Wayne processing plant in the northeast of the company’s position, and renegotiations with the banks that have put the company in a position to focus on growth, rather than survival.
Oil & Gas 360® spoke with Geremia prior to The Oil & Service Conference™ about the moves the company was making to leave it in a strong position ahead of a crude oil price recovery. Click here to read our exclusive interview with Manitok CEO Mass Geremia.
Using waterflood to hold production flat in the Stolberg Cardium
In addition to the topics Geremia spoke with Oil & Gas 360® about prior to the conference, Manitok’s CEO said the company planned to begin a waterflood enhanced oil recovery project at its Stolberg Cardium acreage.
“We believe we can get a couple million extra barrels there with a waterflood,” said Geremia. “You’re going to see it go from 9% recovery to 24% recovery.”
Manitok plans to use a waterflood EOR at the lowest part of the formation, then capture the associated gas and pump that back in higher in the reservoir for larger recoveries there as well. Geremia said the increased recovery would keep production flatter for longer, but was not expected increase production.
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