WTI Crude

Loading...

Brent Crude

Loading...

Natural Gas

Loading...

Gasoline

Loading...

Heating Oil

Loading...

Rotate device for more commodity prices

Alt Text

Petronas Halts all Imports of Iranian Crude in South Africa

Engen, a South African based unit of Petronas, has announced that it has halted all crude imports from Iran, which used to account for 80 percent of

Read more +
Alt Text

Acquisition of Maari 3D Seismic Survey Commences

Cue energy has just released good news regarding permits for projects in New Zealand

Read more +
Alt Text

Environmental Approval Extended for Tassie Shoal LNG Project

MEO Australia Ltd has just received environmental approval for its Tassie Shoal LNG project.

Read more +

Exciting Year Beckons for Manitok Energy - Drilling Results

Manitok Energy Inc. (TSXV:MEI) is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills. In 2011 they drilled their first Cardium well, due to come into production in the next couple of months, they recently drilled a second, and are also planning to drill a third in March. Their board of directors have just recently approved a $42 million budget for exploration, setting 2012 up to be an exciting year.

The following information regards to Manitoks drilling results at Stolberg and its 2012 capital budget:

Stolberg Drilling Results

The first Stolberg Cardium oil well in Manitok's current drilling program was drilled in late 2011 and
completed in January 2012. Manitok has a 68% working interest in this first well. It is a vertical
exploration well which successfully intersected a new sweet Cardium light oil pool. As anticipated, the characteristics of the reservoir of the new pool are similar to the producing Cardium oil wells to the north of this well. The zone was perforated and produced at an unstimulated, stable rate of 145 bbls/d of light oil over a 36 hour test period. Based on production test rates and open-hole log data, Manitok believes that currently, there may be some reservoir flow impedance due to normal course drilling operations. The well has now been shut-in in order to collect pressure data and to design a fracture stimulation program to reduce any reservoir flow impedance. The unstimulated rate is consistent with results from some wells to the north, which have historically produced 200 to 500 Mbbl of oil to date. Manitok anticipates that the well will be fracture stimulated and placed on production before the end of March 2012.

Manitok has also just finished drilling its second Cardium oil well in which Manitok has an 86% working interest. The horizontal well was drilled under-balanced. During the drilling of the horizontal leg, there was an inflow of natural gas and light oil over a brief period. Results to date are encouraging. Manitok anticipates that completion operations and production testing will begin as soon as services can be acquired over the next few weeks. Manitok expects to spud the third Cardium oil well in March.

2012 Capital Budget

Manitok's board of directors has approved a $42 million budget for 2012. Approximately $30.1 million will be directed at drilling for sweet Cardium light oil and an exploratory well targeting multiple oil zones in the Alberta Foothills. Approximately $6.3 million will be directed at drilling heavy oil wells at Swimming with the remainder of the capital budget to be spent on undeveloped land acquisitions and seismic. Manitok has maintained a balanced approach to building its land base since its inception.

To read the rest of this release click on the pdf file above.

Oilprice - The No. 1 Source for Oil & Energy News