Manitok Energy Inc. (TSXV:MEI) announced that drilling at its eighth well in the Stolberg area of Alberta intersected the Cardium reservoir three times. Production testing indicates an average rate of 460 barrels per day (375 net) of light oil over 21 hours at the lower intersection and an average rate of 525 barrels per day (428 net) of light oil over 91 hours at the middle intersection.
As quoted in the press release:
This well offset the original vertical oil discovery well which was the first Cardium oil well drilled in the 2012 program. The Cardium reservoir was intersected three times in Manitok’s latest horizontal well bore. The lower intersection tested at an average rate of 460 bbls/d (375 net) of light oil over 21 hours. The middle Cardium intersection tested at an average rate of 525 bbls/d (428 net) of light oil over 91 hours. Both intervals showed no appreciable decline and free flowed 49° API oil to the surface over their respective test periods with little associated gas. Similar to the other horizontal wells in the program to date, the eighth well was not fracture stimulated.
The highest Cardium intersection was not tested because Manitok believes it is a gassy oil zone. The well is expected to be on production late in the fourth quarter of 2012. Manitok will produce the well from the two tested Cardium intersections.