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:

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."

Daniel Choi, Clarus Securities (11/11/14)
"Manitok Energy Inc. provided an operational update that was mixed. While results from Entice continue to look promising, investors will likely wait for more stabilized rates before passing final judgment on the wells. . .the fourth horizontal well (16-32) drilled at Entice. . .helps confirm Manitok's estimated 68 additional locations in the Glauc channel located in the south end of Entice. The wells are anticipated to be online in late Q4/14. . .the company appears to be on track to meet the lower end of its 4,7504,950 boe/d average guidance."

Chad Ellison, Dundee Capital Markets (10/9/14)
"Manitok Energy Inc. drilled the third of a 10-well program targeting the lower Basal Quartz (BQ) formation in the southern end of Entice, testing at 376 boepd (48% 27 API oil) over a 2.9-day period. . .we are already beginning to see cost improvement at Entice; this well came in at $2.7M, down from the previous BQ cost of $2.9M. Although the latest result is early days, we view it positively."

Shailender Randhawa, RBC Capital Markets (10/1/14)
"We remain positive on Manitok Energy Inc. shares at current levels as the company addresses recent growing pains at Stolberg, and upcoming results at Entice. Although initial well results at Entice have been mixed, news flow is slated to pick up in H2/14 as Manitok has added a second drilling in the area. . .the company is currently trading at the lowest 2015E EV/DACF multiple in our coverage group at 2x (versus balanced peers at 7.3x) and a P/NAV of 0.6x (versus peers at 1.2x) using RBC's price deck."

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