WE ARE MANITOK ENERGY INC.
GROWTH >> EXECUTION >> OPPORTUNITY
LATEST PRESS RELEASES
Stay current on Manitok's activities through our press releases.
Manitok Energy Inc. Announces Amended Terms For The Lease Issuance And Drilling Commitment AgreementWednesday, May 24, 2017
Manitok Energy Inc. is pleased to announce amended terms of its Lease Issuance and Drilling Commitment Agreement with an Alberta based royalty company. Summary of the key terms of the revised Agreement are as follows: In the amended Agreement, Manitok has agreed to: the early surrender of approximately 148,000 acres of undeveloped leased lands located mostly in the northern end of the Entice block in Manitok's Beiseker and Strathmore areas and the payment of cash consideration of approximately $1,998,520, with $350,000 having been paid immediately on the execution of Agreement and the remainder to be paid by Manitok following the completion of its previously announced plan of arrangement with Craft Oil Ltd. which is anticipated to be closed on or about June 6, 2017
Manitok Energy Inc. Discloses Highlights From Year-End Reserves Report And Announces 2016 Year-End Financial Results.Tuesday, May 02, 2017
Manitok Energy Inc. is pleased to provide highlights from its 2016 independent reserves evaluation and announce its financial results for the fiscal year-ended December 31, 2016. Sproule Associates Limited, Manitok's independent qualified reserves evaluator based in Calgary, Alberta, prepared a reserves estimation and economic evaluation effective December 31, 2016 in respect of Manitok's oil and natural gas properties.
Manitok Energy Inc. And Craft Oil Ltd. Enter Into Arrangement AgreementMonday, May 01, 2017
Manitok Energy Inc. and Craft Oil Ltd. are pleased to announce that Manitok and Craft have entered into an arrangement agreement dated as of April 28, 2017. Under the terms of the Arrangement Agreement, Manitok will acquire all of the issued and outstanding common shares of Craft by way of a plan of arrangement under the Business Corporations Act for $6.6 million of common shares of Manitok at the Manitok Share Price (defined below). Craft's assets include approximately $3.5 million of net working capital (includes about $3.0 million of cash), 430 boe/d (about 30% oil and liquids) of production and approximately 62,000 acres of gross total land (48,000 net) and 31,000 acres of gross undeveloped land (26,490 net) in the Peace River Arch area of Alberta. Based on the reserves report prepared by McDaniel & Associate Consultants effective December 31, 2016, total proved reserves of Craft are about 1.3 million boe (about 30% oil and liquids), after giving effect to certain dispositions of assets completed by Craft in 2017. Craft has no debt. Craft's assets are complimentary to Manitok's existing assets in the Peace River Arch area of Alberta. When combined following the completion of the Arrangement, Manitok's total production in the Peace River Arch area will be approximately 675 boe/d. Craft also has approximately $33 million in total tax pools, including approximately $17 million in non-capital losses.
Manitok Energy Inc. Announces The Acquisition Of Natural Gas Production And Related Strategic Pipeline System And A Year Over Year First Quarter Production Increase Of 39%Thursday, April 27, 2017
Manitok Energy Inc. is pleased to announce that it has completed an acquisition from an Alberta based oil and gas company to acquire a 100% working interest in approximately 1.1 Mmcf/d (175 boe/d) of natural gas production, based on field estimates, in the Carseland, Alberta area (the "Acquisition"). In addition to the current production, the Acquisition includes 13 sections of developed P&NG rights to the base of the Belly River formation complete with full 3D seismic coverage, and approximately 170 kilometers of related gathering systems extending over 3 townships. The Corporation paid a cash consideration of $75,000 and assumed discounted abandonment liabilities of approximately $400,000 (10% discount rate) for the Acquisition.
Manitok Energy Inc. Announces Resignation Of Chief Operating Officer And Re-aligned Management ResponsibilitiesThursday, January 05, 2017
Manitok Energy Inc. announces the resignation of Cameron Vouri from his position of Vice President and Chief Operating Officer effective immediately. Mr. Vouri accepted the position as Manitok’s COO in September 2013 in order to assist the Corporation’s transition from a single core area operational focus to a multiple core area operational strategy. With the successful transition completed, Mr. Vouri resigned from his executive position so that he could pursue other ambitions. Manitok would like to thank Mr. Vouri for his dedicated service as COO and contribution to the Corporation’s growth and development over the past three years.
Manitok Energy Inc. Announces A New Production Milestone Exceeding 7,100 BOE/D And Two Additional Well Test ResultsThursday, December 08, 2016
Manitok Energy Inc. is pleased to announce that it has achieved another production milestone. Based on field estimates, Manitok's current production level exceeds 7,100 boe/d (40% light oil and liquids) surpassing Manitok's previously announced record production level of 6,500 boe/d at the end of October 2016.