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Cordel/Stolberg Area

Net Production:
4,930 boe/d at December 31, 2014

Net Undeveloped Acres:
23,250     

Average Working Interest:
87.5% (operated)

Net Operating Income:
$44.7 million

Opportunities:
• 20 drilling locations and increased recovery through waterflood
• Evaluating several gas drilling opportunities on Manitok land

 

Map-Stolberg

 

The Stolberg area continued to deliver impressive results throughout the year, reaching a record exit-rate production just under 5,000 boe/d. 

Through most of 2013, Manitok operated two drilling rigs in the Stolberg area supported by the ongoing identification of highly prospective drilling targets for both oil and natural gas and the Corporation expects to maintain this pace in 2014. 

In April 2013, Manitok’s 13th Stolberg well encountered a previously unrecognized Cardium trend, delivering initial flow rates of 950 bbls/d (gross) of 42º API oil and 26 boe/d (gross) of associated gas. Acquiring additional rights to an adjacent half-section of land allowed us to follow up with three more wells by the end of July, all from the same pad. In total,the four well pad delivered initial production rates of 3,300 boe/d (gross) at an average of 825 boe/d per well (gross).All four wells were tied in by October and based on current data, Manitok sees potential for at least five more drilling targets in the same Cardium sheet.

This success was followed in September by Manitok’s 17th Stolberg well where the Corporation holds a 79% working interest. This well flowed at 867 bbls/d (gross) of 40º API oil (gross) with 23 boe/d (gross) of associated gas.
 
In light of gradually improving gas prices, one drilling rig was directed to follow up on Manitok’s 2011 Ostracod gas discovery, which has so far delivered nearly 3 Bcf of gas and 22 Mbbls of condensate. The new gas well, drilled into the same Ostracod formation, was placed on production before year-end, at a rate of 602 boe/d (gross), of natural gas and 
22 bbls/d (gross) of condensate.
 
Cordel/Stolberg continues to be the heart of Manitok’s operations and the Corporation has allocated approximately $47.0 million of its $115.1 million 2014 capital budget to pursuing identified targets in this area. 

By year-end 2013, Manitok’s net proved and probable reserves in the Cordel/Stolberg area were independently estimated at 7.3 MMbbls of light oil and liquids and 19.2 Mmcf of natural gas.