Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is pleased to announce amended terms of its Lease Issuance and Drilling Commitment Agreement (the "Agreement") with an Alberta based royalty company (the "Company"). Summary of the key terms of the revised Agreement are as follows:
In the amended Agreement, Manitok has agreed to:
In the amended Agreement, the Company has agreed to:
The land under the Agreement held by Manitok has become its core area of operation. The Corporation has taken the production in the Entice area from zero to a peak of approximately 3,200 boe/d in December 2016, during the early development phase of its operations. Currently Manitok has identified a development drilling inventory of approximately 56 Lithic Glauconitic oil horizontal locations and approximately 46 Basal Quartz oil horizontal locations on the Carseland and Wayne area lands continued to be held under the Agreement in this area. The amended terms of the Agreement will enable the Corporation to continue to develop this prolific core area in a financially stable manner.
Manitok is a public oil and gas exploration and development company focused on Lithic Glauconitic light oil in southeast Alberta and Cardium light oil in west central Alberta. The Corporation utilizes its expertise, combined with the latest recovery techniques, to develop the remaining oil and liquids-rich natural gas pools in its core areas of the Western Canadian Sedimentary Basin.
For further information on Manitok view Manitok's website at www.manitokenergy.com.
SOURCE: Manitok Energy Inc.
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