GREY:MKRYF - Post by User
Post by
purseon Sep 06, 2012 8:51pm
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Post# 20327997
previous post integral research investment
previous post integral research investment
August 1, 2012
Manitok announced historic drilling results from two more Cardium oil wells at Stolberg in the foothills belt of Alberta.
The first oil well free flowed a stable 1,530 boed over a 60-hour test. The second oil well free flowed a stable 738 boed over an 81-hour test.
A 300 meter Cardium column has now been proved. Manitok theorizes there could be a further 700 meters yet to be intersected.
These results are historic in that over the last 25 years, public data suggests only one other un-stimulated Cardium oil well ever flowed greater than 1,000 boed.
With Manitok’s results, public records will now show three historic 1,000+ boed un-stimulated Cardium wells.
We increase our 2013 production forecast to 5,000 boed, resulting in $1.18/share of cash flow on a reduced commodity price outlook. Based on a modest 2.8X EV/DACF target multiple,
we reiterate our BUY rating and maintain our $3.50 12-month target price.