Manitok Energy Inc. provide an update on its 2013 drilling program.

Manitok's 10th and 11th Stolberg Cardium oil wells are both horizontal wells drilled at the southern end of the Stolberg trend. By design, both wells were drilled significantly deeper in the structured reservoir than the previous wells in order to understand the position of the oil/water contact. Neither well intersected formation water, which further supports Manitok's contention of significant oil reserves in place at Stolberg.

Using the drilling rig, the 10th well was initially swabbed in at about 200 bbls/d (150 net) of light oil for 78 hours beginning January 6, 2013. Given that it was in line with management's expectations, Manitok shut-in the 10th well and drilled the 11th well from the same pad. Since February 2, 2013, the 10th well has been free flowing oil to surface and it produced at a rate of approximately 400 bbls/d (300 net) of 45º API oil, with little or no associated gas, over a 30-hour period this past weekend.

Tags: Manitok Energy Inc.