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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.
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