Manitok Energy Inc.

Manitok Energy Inc. is a public oil and gas exploration and development company focused on conventional oil and gas reservoirs in the Canadian foothills and southeast Alberta. The corporation will utilize its experience and expertise to develop the untapped conventional oil and liquids-rich natural gas pools in both the foothills and southeast Alberta areas of the Western Canadian Sedimentary Basin.

Expert Comments:

Management Q&A: View From the Top
Mass Geremia
The oil price collapse has left most of the industry reeling, but Mass Geremia remains unbowed. The president and CEO of Manitok Energy Inc. explains how his strategy of prudent and efficient "old school" expansion has Manitok on track to become an intermediate producer before the end of the decade.
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"Manitok Energy Inc. has decided to suspend drilling at its Entice and Stolberg properties and apply 80% of its cash flow to debt reduction in H1/15. This is a prudent move. This is survival of the fittest, and maintaining a flexible balance sheet so that you can come out on the other side when commodity prices improve is crucial.

This company has had some good wells out of Entice. . .we think Manitok has a lot of potential in some of the formations on that property. . ." read more >

Stockwatch (2/4/15)
"Manitok Energy Inc. spent more in 2014 at Entice than was required under its earn-in deal with PrairieSky Royalty Ltd., so the extra spending will be carried forward, reducing this year's commitment to $20.9M. The company would otherwise have had to spend $33M. . .as well, Manitok sold some infrastructure (with an option to buy it back within eight years) for $15M, reducing its net debt to $77.5M on a $105M credit facility."

Chad Ellison, Dundee Capital Markets (2/4/15)
"Manitok Energy Inc.'s infrastructure sale improved the balance sheet. . .on December 30, the company entered into an agreement to sell its facilities to a third party for $15M, reducing its corporate year-end net debt to $77.5M."

Chad Ellison, Dundee Capital Markets (11/17/14)
"Manitok Energy Inc.'s Q3/14 is in line, and its production guidance reaffirmed. . .Entice production is slated to be tied-in in December and in Q1/15 following the completion of the multi-well battery. There is enough behind pipe production that management expects South Entice will keep the 7 Mmcf/d gas plant at capacity (~1,800 boe/d, ~40% liquids). . . at Stolberg, one well is currently planned for Q1/15. As a result, H1/15 capex is expecting to be only 6070% of cash flow, which should see ~$9M in debt reduction."

Shailender Randhawa, RBC Capital Markets (11/17/14)
"In Q3/14, Manitok Energy Inc. reported CFPS of $0.12, which met our expectations on improved unit opex performance and lower corporate overhead expense. . . in December, we expect production tests on four Entice wells, including at least 1 Glauc well and 2 Basal Quartz wells. . .we maintain our Outperform rating."

Brian Bagnell, Macquarie Capital Markets (11/17/14)
"Manitok Energy Inc.'s new Lithic Glauc well in the central part of Entice is currently being production tested, while four Basal Quartz wells will be completed and production tested by the end of Q4/14. . .to date, results from the company's drill program at Entice have been impressive, most notably from recent Lithic Glauc wells."

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