Current MEI:CA Stock Info

Manitok announces production of 7.1 MBOEPD

Calgary-based Manitok Energy Inc. (ticker: MEI) announced 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) formation 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.

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