VANCOUVER (miningweekly.com) – TSX-V-listed Manitok Energy has reached a new production record of 7 100 barrels of oil equivalent a day (boe/d), based on field estimates, surpassing the previous record of 6 500 boe/d achieved in October.
Calgary-based Manitok, which focuses on Lithic Glauc (LG) oil reservoirs in south-east Alberta and Cardium oil reservoirs in west-central Alberta, notes that the output comprises 40% of light oil and liquids.
It ascribed the record output to placing three (two in Carseland and one in Wayne) of the four recently drilled oil wells in south-east Alberta on production before the end of November and to the fourth-quarter acquisition of about 1 750 boe/d comprising 34% light oils and natural gas liquids, which it had recently acquired from a private vendor for C$13.5-million.
Manitok stated that with the completion of four new wells for a total cost of about C$6.58-million, or an average of C$1.65-million per well, it has added about 1 800 boe/d (45% oil) of initial production capability within the LG formation. Manitok plans to drill a further two LG wells at Carseland before year-end. These two wells and the 10-04 well will be placed on production in 2017.
Third-quarter output totalled 4 276 boe/d (45% light oil and liquids), representing a 19% quarter-over-quarter increase.