Manitok Energy Inc. announces the casing of it's Stolberg well
February 14, 2011, Calgary, Alberta – Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX- V: MEI) is pleased to provide the following update on its drilling activities.
After reviewing the open-hole log data of Manitok's Stolberg drill, the management of Manitok has decided to run production casing. The Cretaceous reservoir was intersected at 3,085 meters, measured depth (MD), and open-hole logs indicate porosities of 9-14% over at least 4 meters. Associated drill cuttings indicate good reservoir permeability and significant fracture development. An additional Viking reservoir, at 2,885 meters MD with 6-12 % over 2 meters, was also intersected. This reservoir was not anticipated in the project and represents potential incremental value. Manitok is very encouraged by the results.
During the completion phase of the operation, Manitok will perforate the casing at the target zone depth and conduct a flow test to determine hydrocarbon production rate, pressures, and formation damage, if any. The flow test will also determine if fracture stimulation is required in order to optimally produce the well. This operation is anticipated to begin in about 2 to 3 weeks, subject to the availability of services and weather conditions. Flow test results will likely be available within 10 days of the completion of the operation.
Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills and heavy crude oil in east-central Alberta. Manitok’s corporate strategy is that of being an "early mover" in the exploitation phase of the development life cycle of hydrocarbon reserves in the Canadian foothills. The Corporation will continue to utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in this large and under-exploited region of the Western Canadian Sedimentary Basin.
For further information view our website at www.manitokenergy.com or contact:
Manitok Energy Inc.
Massimo M. Geremia, President and Chief Executive Officer
Tim de Freitas, Vice President, Exploration & Chief Operating Officer
Forward-Looking Information Cautionary Statement
This document contains forward-looking statements regarding the business and operations of Manitok Energy Inc. All statements other than statements of historical fact contained herein are forward looking statements under applicable securities laws. In particular, statements as to recoverable reserves volumes and associated future net revenues and numbers of future wells that may be drilled are forward-looking statements. These forward-looking statements are based upon various assumptions as to future commodity prices, currency exchange rates, inflation rates, future well production rates, well drainage areas, success rates of future well drilling and future costs and availability of labour and services. With respect to estimates of reserves volumes and associated future net revenues and numbers of future wells to be drilled, a key assumption is the validity of the commodity prices, currency exchange rates, future capital and operating costs and well production rates forecast by Sproule in the Sproule Report. With respect to the number of future wells to be drilled, another key assumption is the validity of the geological and other technical interpretations that have been performed by Manitok's technical staff and which
indicate that commercially economic reserves can be recovered from Manitok's lands as a result of drilling such future wells. There can be no assurance that the plan, intentions or expectations upon which these forward-looking statements are based will occur. In addition, all such forward-looking statements necessarily involve risks associated with oil and gas exploration, production, marketing and transportation, such as loss of market, volatility of prices, currency fluctuations, imprecision of reserves estimates, environmental risks, and competition from other producers and ability to access sufficient capital from internal and external sources. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.