Just Had Another Look at Manitok
IMO, the presentation speaks for itself. I realize CKE shareholders may be averse to debt, but MEI has 2X PDP asset coverage. That really protects the downside in a worst case scenario. At last read, the beginning of March, the short position was .17%. It has been at that level since December of 2016. At last read, the beginning of March, CKE had a short positon of .15%, so about the same in spite of all the clamor here about being debt-free.
Let's compare presentations:
https://www.manitokenergy.com/investors/corporate-presentation-2017-03/
https://www.chinookenergyinc.com/wordpress/wp-content/uploads/2017/03/CKE-Mar-2017-Presentation_Uploaded-Mar-28.pdf
Here's the latest reserves report for CKE:
https://www.chinookenergyinc.com/chinook-energy-inc-announces-its-december-31-2015-reserves-and-provides-operations-update/
The new reserves report for MEI will be out within the next 3 weeks. The old report from last year doesn't include a signifiant transaction, namely:
"Acquired 1,750 boe/d on November 1st at an exceptional valuation of approximately $9,000 per flowing boe , $1.74 per Total Proved boe of reserves and $1.25 per proved plus probable boe (1) ;"
I have a small MEI position at the present and no CKE, but based on looking more into both companies, I really think I'd rather add more MEI rather than hold any CKE.
At last read they report: "
Manitok Energy Inc. has achieved another production milestone. Based on field estimates, Manitok's current production level exceeds 7,100 barrels of oil equivalent per day (40 per cent light oil and liquids), surpassing Manitok's previously announced record production level of 6,500 barrels of oil equivalent per day at the end of October, 2016."
These results will be incoporated into the new reserves report hinted at in the presentation linked above.
Comments?