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Manitok to Begin Drilling in H2; Production Flat
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Manitok Energy Inc. announces its financial and operating results for the first quarter of 2016 and provides an operational update.
Key Points: Manitok anticipates it will begin its 2016 drilling program in the second half of the year, with a minimum of approximately $11.0 million of drilling and completion spending First Quarter 2016 Results: Production averaged 4,407 boe/d (46% light oil and liquids) as compared to 4,504 boe/d (52% light oil and liquids) in the first quarter of 2015. Recorded funds from operations of $13.0 million, which included monetized crude oil derivative financial instruments for a portion of 2016 and all of 2017 for a cash receipt of $12.3 million, which was a 65% increase over funds from operations of $7.9 million in the first quarter of 2015. Manitok remains…- ✓ Full news archive — U.S., Canada & international coverage
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