Manitok Energy Inc. Announces Unaudited 2013 Financial and Operating Results, the 2013 Reserves Evaluation and an Operational...

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UNITED STATES OF AMERICA.


Manitok Energy Inc. (the "Corporation" or "Manitok") (TSX VENTURE:MEI) is
pleased to announce its 2013 fourth quarter and year-end unaudited financial and
operational results; provide highlights from its 2013 independent Reserves
Evaluation and provide an operational update. All financial amounts referred to
in this press release are management's best estimates and the year-end financial
statements have not yet been audited.


The full text of Manitok's year-end report containing its audited financial
statements as at and for the year ended December 31, 2013, the related
management's discussion and analysis and Manitok's Annual Information Form for
the year ended December 31, 2013 will be available electronically on Manitok's
profile on the System for Electronic Document Analysis and Retrieval ("SEDAR")
at www.sedar.com and also on Manitok's website at www.manitokenergy.com on or
before April 30, 2013.


Fourth Quarter Results (based on unaudited financial statements):



--  Fourth quarter production averaged 4,989 boe/d (57% light oil and
    liquids), a 31% increase over production of 3,819 boe/d (49% light oil
    and liquids) in the third quarter of 2013 and a 62% increase over
    production of 3,078 boe/d (55% light oil and liquids) in the fourth
    quarter of 2012. 

--  Increased the oil and liquids weighting 16% over the oil and liquids
    weighting in third quarter of 2013. 

--  Recorded average production per share growth of 54% and cash flow per
    share growth of 75% when compared to the fourth quarter of 2012. 

--  Recorded funds from operations of $14.1 million ($0.19 per share), a 71%
    increase over funds from operations of $8.3 million ($0.12 per share) in
    the third quarter of 2013 and an 85% increase over funds from operations
    of $7.7 million ($0.11 per share) in the fourth quarter of 2012. 

--  Operating netback (excluding the realized gain or loss on financial
    instruments) was $35.11/boe, an 8% increase over the operating netback
    of $32.57/boe in the third quarter of 2013, and a 15% increase over the
    operating netback of $30.55/boe in the fourth quarter of 2012. 

--  Capital expenditures were approximately $44.2 million, which included
    drilling five gross (3.9 net) wells for about $19.8 million and closing
    a Lease Issuance and Drilling Commitment Agreement with Encana
    Corporation ("Encana Agreement") in the Entice area of Southeast
    Alberta, which accounted for $20.3 million, including capitalized
    overhead. 



Year-end Results (based on unaudited financial statements):



--  Production averaged 4,113 boe/d (52% light oil and liquids), a 72%
    increase over production of 2,389 boe/d (40% light oil and liquids) in
    2012. 

--  Increased the oil and liquids weighting 30% over the oil and liquids
    weighting in 2012. 

--  Recorded average production per share growth of 54% and cash flow per
    share growth of 96% in 2013 when compared to 2012. 

--  Recorded funds from operations of $41.6 million ($0.59 per share), a
    118% increase over funds from operations of $19.1 million ($0.30 per
    share) in 2012. 

--  Operating netback (excluding the realized gain or loss on financial
    instruments) was $33.07/boe, a 29% increase over the operating netback
    of $25.59/boe in 2012. 

--  Capital expenditures including administrative assets and capitalized
    overhead were approximately $79.4 million, net of $3.4 million in
    dispositions. This included drilling 16 gross (9.8 net) wells for about
    $46.5 million, $9.0 million on equipment and facilities and closing the
    Encana Agreement, which accounted for $20.3 million including
    capitalized overhead. 

--  At December 31, 2013, net debt was approximately $32.5 million. 

--  At December 31, 2013, there were 74,492,340 outstanding common shares of
    Manitok ("Manitok Shares"). Subsequent to year-end and up to March 31,
    2014, a total of 3,350,300 Manitok Shares were purchased through the
    normal course issuer bid program, at an average price of $2.39 per share
    and 473,366 Manitok Shares were issued through Manitok's stock option
    plan, at an average price of $1.50 per share, for a total net decrease
    in Manitok Shares of 2,876,934 in the first quarter of 2014. The total
    outstanding Manitok Shares as at March 31, 2014 was 71,615,406. 

--  Increased undeveloped land to 323,907 net acres as at December 31, 2013,
    a 46% increase from 222,181 net acres as at September 30, 2013 and an
    81% increase from 178,938 net acres as at December 31, 2012. 



2013 Independent Reserves Evaluation

Sproule Associates Limited ("Sproule"), Manitok's independent qualified reserves
evaluator based in Calgary, Alberta, prepared a Reserves Estimation and Economic
Evaluation effective December 31, 2013 in respect of Manitok's oil and natural
gas properties ("2013 Sproule Report"). Sproule also prepared the reserves
estimation and economic evaluation effective December 31, 2012 ("2012 Sproule
Report" and together with the 2013 Sproule Report, the "Sproule Reports"). The
reserves estimates stated herein are as at December 31, 2013 and 2012 and are
extracted from the Sproule Reports. The Sproule Reports have been prepared in
accordance with the definitions, standards and procedures contained in the
Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National
Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI
51-101").


2013 Year-End Reserves Highlights:



--  The pre-tax net present value discounted at 10% ("NPV10%") of proved
    plus probable ("P+P") reserves amounted to approximately $304.4
    million(1) in 2013, which is an increase of 75% from $173.6 million(1)
    in 2012. The net present value of total proved ("TP") reserves amounted
    to $182.8 million(1) in 2013, which is an increase of 78% from $102.9
    million(1) in 2012. Each of these NPV10% amounts does not include any
    additional value for Manitok's undeveloped land base and there are no
    reserves booked to the land associated with the Encana Agreement in the
    2013 Sproule Report. 

    (1) Estimates of future net revenues whether discounted or not do not
        represent fair market value.

--  Proved developed producing ("PDP") reserves increased 46%, from 3,985.5
    Mboe in 2012 to 5,801.5 Mboe in 2013, TP reserves increased 18%, from
    8,029.3 Mboe in 2012 to 9,457.0 Mboe in 2013, and P+P reserves increased
    12%, from 14,862.3 Mboe from 2012 to 16,719.5 Mboe in 2013 due to the
    success of Manitok's Cardium oil drilling program in the Stolberg area. 

--  PDP oil reserves increased 101%, from 1,063.0 Mbbls in 2012 to 2,131.8
    Mbbls in 2013; TP oil reserves increased 39%, from 2,738.1 Mbbls in 2012
    to 3,812.7 Mbbls in 2013; and P+P oil reserves increased 43%, to from
    5,268.2 Mbbls in 2012 to 7,541.9 Mbbls in 2013. 

--  Based on the 2013 Sproule Report, Manitok's P+P reserves are comprised
    of 45% light oil on a boe basis and 82% on a NPV10% valuation basis. 

--  Finding and development ("F&D") costs consisted of $25.33/boe for TP
    reserves and $23.89/boe for P+P reserves. These amounts include $20.1
    million of capital expenditures associated with the Encana Agreement
    (which accounts for approximately 26% of total 2013 capital
    expenditures) and the change in future development capital ("FDC") from
    2012. Recycle ratios consisted of 1.3 and 1.4 times for TP and P+P
    reserves respectively, based on a 2013 operating netback excluding the
    realized loss on financial instruments of $33.07/boe. 

--  Excluding the $20.1 million of capital expenditures related to the
    Encana Agreement which has no associated reserves in the 2013 Sproule
    Report, the Corporation achieved F&D costs including changes in FDC of
    $18.48/boe for TP reserves and $17.91/boe for P+P reserves. This
    represents a recycle ratio of 1.8 and 1.9 times for TP and P+P reserves
    respectively based on a 2013 operating netback excluding the realized
    loss on financial instruments of $33.07/boe. 

--  The three year average F&D costs including the change in FDC for Manitok
    is $21.46/boe for TP reserves and $14.86/boe for P+P reserves. Recycle
    ratios consisted of 1.5 and 2.2 times for TP and P+P reserves
    respectively, based on a 2013 operating netback excluding the realized
    loss on financial instruments of $33.07/boe. 



The following table summarizes Manitok's working interest oil and natural gas
reserves at December 31, 2013, using the Sproule forecast price assumptions:


Summary of Oil and Natural Gas Reserves



---------------------------------------------------------------------------
                   Light and      Natural     Natural Gas                  
                  Medium Oil       Gas(2)       Liquids           Total    
              -------------------------------------------------------------
                Gross     Net  Gross    Net  Gross    Net    Gross      Net
Reserve            (3)     (4)    (3)    (4)    (3)    (4)      (3)      (4)
Category       (Mbbls) (Mbbls) (Mmcf) (Mmcf)(Mbbls)(Mbbls)   (Mboe)   (Mboe)
---------------------------------------------------------------------------
Proved                                                                     
  Developed                                                                
   Producing  2,131.8 1,419.8 21,197 17,574  137.0   87.6  5,801.5  4,436.5
  Developed                                                                
   Non-                                                                    
   Producing     57.0    47.4  7,904  6,404   10.5    6.4  1,384.9  1,121.1
  Undeveloped 1,623.9 1,103.4  3,616  2,947   44.0   31.1  2,270.6  1,625.7
---------------------------------------------------------------------------
Total Proved  3,812.7 2,570.7 32,717 26,925  191.5  125.1  9,457.0  7,183.3
Probable      3,729.2 2,488.7 20,109 16,739  181.8  122.4  7,262.5  5,400.9
---------------------------------------------------------------------------
Total Proved                                                               
 Plus                                                                      
 Probable     7,541.9 5,059.4 52,826 43,664  373.3  247.5 16,719.5 12,584.2
---------------------------------------------------------------------------
(1) Based on Sproule's December 31, 2013 forecast prices and costs. The    
    forecast of commodity prices used in the 2013 Sproule Report can be    
    found at www.sproule.com.                                              
(2) Estimates of reserves of natural gas include both associated and non-  
    associated gas. Gross reserves are the Corporation's working interest  
    share before deduction of royalty obligations and without including any
    royalty interests.                                                     
(3) Net reserves are the Corporation's working interest share after        
    deduction of royalty obligations, plus royalty interests in such       
    reserves.                                                              
(4) Columns may not add due to rounding of individual items.               



The following table is a summary of the net present value of future net revenue
associated with Manitok's reserves as at December 31, 2013 before deducting
future income tax expense and calculated at various discount rates:


Net Present Values of Future Net Revenue Before Income Taxes



---------------------------------------------------------------------------
                                            Before Income Taxes            
                                           Discounted at (%/year)          
                                -------------------------------------------
                                     0%       5%      10%      15%      20%
Reserve Category                    (M$)     (M$)     (M$)     (M$)     (M$)
---------------------------------------------------------------------------
Proved                                                                     
  Developed Producing           164,903  140,417  123,873  111,932  102,879
  Developed Non-Producing        17,966   13,754   11,015    9,126    7,759
  Undeveloped                    66,262   55,779   47,943   41,867   37,012
---------------------------------------------------------------------------
Total Proved                    249,131  209,949  182,831  162,925  147,651
Probable                        212,723  154,874  121,601   99,965   84,666
---------------------------------------------------------------------------
Total Proved Plus Probable      461,853  364,823  304,432  262,890  232,317
---------------------------------------------------------------------------
(1) Based on Sproule's December 31, 2013 forecast prices and costs. The    
    forecast of commodity prices used in the 2013 Sproule Report can be    
    found at www.sproule.com.                                              
(2) Columns may not add due to rounding of individual items.               
(3) Estimates of future net revenues whether discounted or not do not      
    represent fair market value.                                           



The following table is a reconciliation of Manitok's gross reserves as derived
from the Sproule Reports:


Reserves Reconciliation of Gross Reserves(1)



---------------------------------------------------------------------------
                                        Gross          Gross   Gross Proved
                                       Proved       Probable  Plus Probable
                                        (Mboe)         (Mboe)         (Mboe)
---------------------------------------------------------------------------
December 31, 2012                     8,029.5        6,832.8       14,862.3
Discoveries, extensions and                                                
 infill drilling                      2,202.5        2,634.9        4,837.3
Acquisitions (dispositions)                 -              -              -
Technical revisions(2)                  760.1       (2,192.4)      (1,432.3)
Economic factors                        (34.0)         (12.8)         (46.7)
Production over the year             (1,501.1)             -       (1,501.1)
---------------------------------------------------------------------------
December 31, 2013                     9,457.0        7,262.5       16,719.5
---------------------------------------------------------------------------
(1) Gross reserves are the Corporation's working interest share before     
    deduction of royalty obligations and without including any royalty     
    interests.                                                             
(2) Technical revisions resulting from category changes and the removal of 
    four high risk wells in the probable category.                         
(3) Columns may not add due to rounding of individual items.               



Capital Program Efficiency

The following table outlines Manitok's estimate of its F&D costs per boe and
finding, development and acquisition ("FD&A") costs per boe, excluding the
change in FDC and including the change in FDC, recycle ratios, reserves
replacement and reserve life index on a TP and P+P basis.




---------------------------------------------------------------------------
                                                                 Three Year
                                                                   Weighted
                                         2013           2012        Average
---------------------------------------------------------------------------
Capital Expenditures (M$)                                                  
Exploration and                                                            
 Development(1)(2)                     80,598         48,419        160,290
Acquisitions/(Dispositions)            (3,412)       (12,927)        26,070
---------------------------------------------------------------------------
Total Capital Expenditures             77,186         35,492        186,360
---------------------------------------------------------------------------
Change in FDC (M$)                                                         
Total Proved                           (6,423)        24,046         26,285
Proved Plus Probable                     (377)        17,564         63,823
---------------------------------------------------------------------------
F&D and FD&A costs excluding                                               
 change in FDC                                                             
  F&D - TP(2)                          $27.52         $10.20         $18.44
  F&D - P+P(2)                         $24.00          $6.43         $10.63
  FD&A - TP(2)                         $26.36          $8.13         $16.31
  FD&A - P+P(2)                        $22.98          $5.13         $10.10
  Recycle Ratio - TP(3)                   1.2            2.5            1.8
  Recycle Ratio - P+P(3)                  1.4            4.0            3.1
---------------------------------------------------------------------------
F&D and FD&A costs including                                               
 change in FDC                                                             
  F&D - TP(2)                          $25.33         $15.26         $21.46
  F&D - P+P(2)                         $23.89          $8.77         $14.86
  FD&A - TP(2)                         $24.16         $13.64         $18.61
  FD&A - P+P(2)                        $22.87          $7.67         $13.56
  Recycle Ratio - TP(3)                   1.3            1.7            1.5
  Recycle Ratio - P+P(3)                  1.4            2.9            2.2
---------------------------------------------------------------------------
Reserve Replacement                                                        
  Total Proved                           195%           499%           435%
  Proved Plus Probable                   224%           791%           702%
Reserve Life Index (years)(4)                                              
  Total Proved                            5.2            7.1               
  Proved Plus Probable                    9.2           13.2               
---------------------------------------------------------------------------
(1) Exploration and development expenditures excludes $1.8 million (2012 - 
    $1.2 million) of capitalized overhead costs.                           
(2) The aggregate of the exploration and development costs incurred in the 
    most recent financial year and change during that year in estimated    
    future development costs generally will not reflect total finding and  
    development costs related to reserve additions for that year.          
(3) Recycle ratio is calculated as the operating netback excluding realized
    gains or losses on financial instruments divided by F&D costs.         
(4) Reserve Life Index is based on annualized fourth quarter production    
    volumes.                                                               



The following table outlines Manitok's 2013 F&D and FD&A Costs after removing
$20.1 million of capital expenditures and excluding capitalized overhead related
to the Encana Agreement which has no associated reserves in the 2013 Sproule
Report.




---------------------------------------------------------------------------
                           Excluding the change in  Including the change in
                                               FDC                      FDC
---------------------------------------------------------------------------
F&D - TP(1)                                 $20.67                   $18.48
F&D - P+P(1)                                $18.03                   $17.91
---------------------------------------------------------------------------
FD&A - TP(1)                                $19.51                   $17.31
FD&A - P+P(1)                               $17.01                   $16.90
---------------------------------------------------------------------------
Recycle Ratio - TP(2)                          1.6                      1.8
Recycle Ratio - P+P(2)                         1.8                      1.9
---------------------------------------------------------------------------
(1) The aggregate of the exploration and development costs incurred in the 
    most recent financial year and change during that year in estimated    
    future development costs generally will not reflect total finding and  
    development costs related to reserve additions for that year.          
(2) Recycle ratio is calculated as the 2013 operating netback excluding    
    realized losses on financial instruments of $33.07 divided by F&D      
    costs.                                                                 



2014 Production and Operational Update

Based on field estimates as of April 13, 2014, Manitok's aggregate production is
approximately 5,150 boe/d, which reflects the previously announced disposition
of 777 boe/d of natural gas assets that was completed on February 28, 2014. The
production estimate above includes production from the first two Cardium wells
drilled in 2014, referred to as Stolberg Cardium oil wells number 21 and 22 in
the previous press release dated February 27, 2014. The estimated production
does not include production from the last two Stolberg Cardium oil wells drilled
and tested (wells 23 and 24) and the two that are at, or nearing the completion
of drilling operations (wells 25 and 26). Of the last four Cardium oil wells
(2.0 net), it is anticipated that one oil well (0.3 net, well 23) will be added
to production before the end of April, one oil well (0.7 net, well 24) will be
on production in June and the remaining two oil wells (1.0 net, wells 25 and 26)
are, or will be production tested shortly.


Of the first four Stolberg Cardium oil wells drilled and tested in 2014 (wells
21 to 24), three (1.7 net) are either producing or anticipated to produce at
expected levels ranging between 280 to 300 boe/d per well (gross) and one well
(1.0 net) is not producing commercial quantities of oil. This non-producing well
was the first well drilled in 2014 (well 21) and was the only well drilled into
the forelimb of the Stolberg Cardium structure in 2014, whereas the other five
wells, including the two currently being tested, were drilled into the backlimb
of the structure where most of the wells in the field have been drilled to date.
Manitok is evaluating the possibility of re-entering the non-producing wellbore
(well 21) and drilling another horizontal leg deeper into the forelimb of the
structure.


The first Quirk Creek Cardium oil well (0.7 net) was placed on production as of
April 8, 2014. The well's production will be optimized over the next few weeks
and evaluated over the next several months. The second Quirk Creek Cardium oil
well (0.7 net) encountered mechanical complications during the completion
operations. Manitok has determined a solution to the issue, but due to spring
break-up and current soft ground conditions, Manitok will not be able to execute
the operation to correct the mechanical problem until ground conditions improve.
Manitok anticipates being able to production test the well once the corrective
operation is executed.


Manitok has drilled four vertical wells in the Entice area and is currently
drilling the fifth well of the Entice program, which is its first horizontal
well targeting the Basal Quartz (Ellerslie) formation. The completion activities
on the four vertical wells have been delayed by road bans issued during
break-up. The drilling lease for the horizontal well is located just off of a
highway where the road bans are not prohibiting Manitok from continuing drilling
operations. Manitok will issue the results of the five well Entice drilling
program once all five wells have been completed and evaluated.


About Manitok

Manitok is a public oil and gas exploration and development company focusing on
conventional oil and gas reservoirs in the Canadian foothills and Southeast
Alberta. The Corporation will utilize its experience and expertise to develop
the untapped conventional oil and liquids-rich natural gas pools in both the
Foothills and Southeast Alberta areas of the Western Canadian Sedimentary Basin.


For further information view our website at www.manitokenergy.com.

Forward-looking Statements

This press release contains forward-looking statements. More particularly, this
press release contains statements concerning planned capital expenditures,
planned exploration and development activities and the development and growth
potential of Manitok's properties.


The forward-looking statements in this press release are based on certain key
expectations and assumptions made by Manitok, including expectations and
assumptions concerning the success of future drilling and development
activities, the performance of existing wells, the performance of new wells, the
successful application of technology, prevailing weather conditions and ground
conditions, commodity prices, royalty regimes and exchange rates and the
availability of capital, labour and services.


Although Manitok believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance should not
be placed on the forward-looking statements because Manitok can give no
assurance that they will prove to be correct. Since forward-looking statements
address future events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These include, but
are not limited to, risks associated with the oil and gas industry in general
(e.g., operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or capital
expenditures; the uncertainty of reserves estimates; the uncertainty of
estimates and projections relating to production, costs and expenses; and
health, safety and environmental risks), uncertainty as to the availability of
labour and services, commodity price and exchange rate fluctuations, unexpected
adverse weather conditions and changes to existing laws and regulations. Certain
of these risks are set out in more detail in Manitok's current Annual
Information Form, which is available on Manitok's SEDAR profile at
www.sedar.com.


Forward-looking statements are based on estimates and opinions of management of
Manitok at the time the statements are presented. Manitok may, as considered
necessary in the circumstances, update or revise such forward-looking
statements, whether as a result of new information, future events or otherwise,
but Manitok undertakes no obligation to update or revise any forward-looking
statements, except as required by applicable securities laws.


Non-GAAP Financial Measures

This press release contains references to measures used in the oil and natural
gas industry such as "funds from operations", "operating netback", "funds from
operations per share" and "net debt". These measures do not have any
standardized meanings prescribed by generally accepted accounting principles
("GAAP") and, therefore reported amounts may not be comparable measures reported
by other companies where similar terminology is used. These measures have been
described and presented in this press release in order to provide shareholders
and potential investors with additional information regarding the Corporation's
liquidity and its ability to generate funds to finance its operations.


Funds from operations should not be considered an alternative to, or more
meaningful than, cash provided by operating, investing and financing activities
or net earnings as determined in accordance with GAAP, as an indicator of
Manitok's performance or liquidity. Funds from operations is used by Manitok to
evaluate operating results and Manitok's ability to generate cash flow to fund
capital expenditures and repay indebtedness. Funds from operations denotes cash
flow from operating activities as it appears on the Corporation's Statement of
Cash Flows before decommissioning expenditures and changes in non-cash operating
working capital. Funds from operations is also derived from net income (loss)
plus non-cash items including deferred income tax expense, depletion and
depreciation expense, exploration and evaluation expense, impairment expense,
stock-based compensation expense, accretion expense, acquisition-related
expenses, unrealized gains or losses on financial instruments and gains or
losses on asset divestitures. Funds from operations per share denotes funds from
operations divided by the weighted average number of common shares outstanding.
Operating netback denotes petroleum and natural gas revenue and realized gain
(loss) on financial instruments less royalty expenses, operating expenses and
transportation and marketing expenses. Manitok uses net debt as a measure to
assess its financial position. Net debt includes current liabilities less
current assets excluding the current portion of the fair value of financial
instruments and the deferred premium on financial instruments.


Reserves Data

There are numerous uncertainties inherent in estimating quantities of crude oil,
natural gas and NGLs reserves and the future cash flows attributed to such
reserves. The reserves and associated cash flow information set forth above are
estimates only. In general, estimates of economically recoverable crude oil,
natural gas and NGLs reserves and the future net cash flows therefrom are based
upon a number of variable factors and assumptions, such as historical production
from the properties, production rates, ultimate reserves recovery, timing and
amount of capital expenditures, marketability of oil and natural gas, royalty
rates, the assumed effects of regulation by governmental agencies and future
operating costs, all of which may vary materially. For these reasons, estimates
of the economically recoverable crude oil, NGLs and natural gas reserves
attributable to any particular group of properties, classification of such
reserves based on risk of recovery and estimates of future net revenues
associated with reserves prepared by different engineers, or by the same
engineers at different times, may vary. Manitok's actual production, revenues,
taxes and development and operating expenditures with respect to its reserves
will vary from estimates thereof and such variations could be material.


The reserves data provided in this press release presents only a portion of the
disclosure required under NI 51-101. All of the required information will be
contained in Manitok's Annual Information Form for the year ended December 31,
2013, which will be filed on SEDAR (accessible at www.sedar.com) on or before
April 30, 2013.


With respect to the disclosure of reserves contained herein relating to portions
of the Corporation's properties, the estimates of reserves and future net
revenue for individual properties may not reflect the same confidence level as
estimates of reserves and future net revenue for all properties due to the
effects of aggregation.


Estimated Unaudited Year End Financial Data

The Corporation's annual audit of its financial statements for the year ended
December 31, 2013 is not yet complete as of the date of this press release and
accordingly, all financial amounts referred to in this press release are
management's best estimates and are unaudited. In light of this, readers are
cautioned not to place undue weight on such financial information contained in
this press release.


Barrels of Oil Equivalent

The term barrels of oil equivalent ("boe") may be misleading, particularly if
used in isolation. Per boe amounts have been calculated using a conversion ratio
of six thousand cubic feet of natural gas (6 mcf) to one barrel of oil (1 bbl).
This boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. Given that the value ratio based on the
current price of crude oil as compared to natural gas is significantly different
from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Manitok Energy Inc.
Massimo M. Geremia
President & Chief Executive Officer
403-984-1751
[e-mail]
www.manitokenergy.com