2012-11-13 21:00 ET - News Release
Shares issued 70,229,014
MEI Close 2012-11-13 C$ 2.52
Mr. Massimo Geremia reports
MANITOK ENERGY INC. ANNOUNCES PRODUCTION TEST RATE OF ITS LATEST STOLBERG CARDIUM WELL OF 508 BBLS/D OF 48 DEGREES API OIL
Manitok Energy Inc. is provide=ing an update on its continuous drilling operation at Stolberg.
Manitok has completed the production testing of its ninth Cardium well of the 2012 drilling program. The horizontal well offsets both the first and eighth wells from the same drilling pad. Manitok increased its ownership in the ninth well by farming into a partner's interest. In total, Manitok will pay 81.5 per cent of the drilling and completions costs of the ninth well to increase its working interest from 68 per cent to 76 per cent. Similar to the previous horizontal wells on the Stolberg trend, the ninth well was not fracture stimulated. The ninth Cardium well tested at an average rate of 508 barrels per day (386 net) of 48 degrees API oil with no measurable associated natural gas over a continuous 41-hour period. The well was free flowing to surface during the entire test period and the estimated well drawdown was only about 20 per cent. Manitok will shut the well in for approximately one week due to a requirement to collect downhole pressure data. Following the shut-in period, Manitok intends to flow the well with temporary facilities. The process of constructing permanent facilities at the site is well under way.
Manitok believes that the successful results on both the eighth and ninth wells of the 2012 drilling program significantly reduce the risk along the Stolberg trend. Manitok intends to continue to focus on that trend over the near future. Manitok estimates that it has approximately 20 drilling locations along the Stolberg trend, including approximately eight wells that directly offset the prolific oil wells drilled to date.
We seek Safe Harbor.