Manitok Energy Inc MKRYF

Energy Oil & Gas E&P

Manitok Energy Inc is an oil and gas exploration and development company. The corporation is engaged in the exploration for, and the development, production, and acquisition of petroleum and natural gas reserves in western Canada. It mainly focuses on conventional oil and gas reservoirs in the Canadian foothills along with crude oil in Southeast Alberta. The majority of its revenue is derived from the petroleum and natural gas.

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Manitok Energy Inc

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Post by purseon Jan 02, 2013 7:37pm

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Post# 20790729

Top Pick- Bill Bonner extended

Manitok Energy Inc.(MEI TSX-V) –
Mkt Cap $225 mil $2.98 Target $5.00 (6x 2013 Cash Flow)
Purchased in late 2011 @ $1.25
MEI is an "oily" natural gas story whose success in the conventional Cardium oil play at Stolberg is complemented with nearby liquids rich natural gas in the deeper foothills regions of Alberta. The company will soon be producing 60 percent oil and natural gas liquids (NGLs). The production growth curve is up 500 percent year-over-year to the end of Q3 2012 (2,500 boed vs 400 boed) and will exit 2012 with 3,800 boed (60 percent oil/NGLs). With corporate natural gas prices averaging $2.50 /mcf, annualized cash flow in Q3 was still over $28 million, but by the end of December 2012 annualized cash flow is in excess of $50 million. The growth at Stolberg from the 9 wells drilled to date have seen IP rates up to 1,500 boed, with at least 6 wells over 500 boed. The company has very little debt, 90 conventional locations across 260 net sections of undeveloped land, and the running room to reach over 10,000 boed in the next couple years.