Overview

Manitok Energy Inc. (CVE: MEI) is an oil and gas exploration and development company focused on conventional reservoirs in the Canadian foothills and heavy oil in east central Alberta. The company has assembled a portfolio of properties, with varied play-types, in Alberta, Canada. All of these projects are at the drill-ready stage, with recent drilling operations completed on the Swimming property last fall and another drill underway on their Stolberg lands. In mid 2010, Manitok merged with Desco Resources Inc. and raised almost $10 million in order to go public. At the end of December 2010, Manitok completed an $18.1 million equity financing of both common and flow through shares. Manitok is expecting a capital program of about $21 million in 2011.

Chief Properties

Stolberg Property – Alberta, Canada

The Stolberg property, situated near Nordegg in west-central Alberta, totals 17,600 acres. Manitok has a 97.7% working interest on the lands in this area. The property is highly prospective for conventional reservoirs (meaning that they do not require massive artificial fracture stimulations like unconventional reservoirs such as shale gas) from the Cretaceous period which are generally sweet oil and liquids rich natural gas. One nearby pool in particular, has produced over 4 million barrels of sweet light oil and 13 Billion Cubic Feet of natural gas.

Manitok commenced drilling on the Stolberg property in January 2011. The targeted reservoir was logged and drill stem tested (DST) in an offsetting deeper well within 100 meters of the planned bottom hole location of the first Manitok drill. That DST yielded sweet light oil, condensate, and natural gas. Depending on the results of the first drill, potential offsetting locations could be drilled during the latter half of 2011. The Company estimated in November 2011 that if successful, production rates could range from 300 to 700 boe per day and reserves could range from 400,000 to 700,000 boe.

Swimming Property – Alberta, Canada

The Swimming property is located 80 kilometers west of Lloydminster in east-central Alberta and totals 7,526 acres with a 100% working interest. Five heavy oil wells were recently drilled offsetting a new pool discovery made in 2007. That original well into the pool has produced about 38,000 barrels of heavy oil to date, and is still producing 23 barrels of heavy oil per day. The five wells have been on production since late November 2010 at an estimated combined rate of 150 barrels per day when factoring in down time. The company also discovered two new shallower heavy oil pools during the course of the same drilling program. Both new zones have produced heavy oil. One, which is present in all of Manitok’s 9 well bores in the pool, is being evaluated for exploitation through horizontal drilling. There are currently 15 development drilling locations on the company’s lands, not including any horizontal drilling potential.

Manitok recently completed a seismic program in the area. Upon the initial evaluation, several new development drilling locations have been confirmed and there are at least 2 new pool exploration targets. Manitok expects to drill another round of 5 to 7 heavy oil wells in June 2011.

Fallen Timber Property – Alberta, Canada

The Fallen Timber property, situated 100 kilometers northwest of Calgary, Alberta, consists of 24,960 acres. Manitok has a 97.7% working interest on these lands which are prospective for sweet liquids rich natural gas in the Cardium formation. There are over 8 development drilling locations already identified on a portion of the property. The high yield of liquids, up to 70 barrels per million cubic feet of natural gas, provides strong economic returns even with the currently low price of natural gas. Manitok anticipates drilling at least one well in this area in late 2011.

Management

Massimo M. Geremia – President & CEO

Founder of Manitok in 2005; previously with Birchcliff Energy Ltd., Case Resources Inc., Equatorial Energy Inc. & Boardwalk Equities Inc. Mr. Geremia has 21 years of experience in the Oil & Gas, Finance and Real Estate industries; the last 10 years exclusively in the Oil & Gas sector.

Tim de Freitas – Vice President, Exploration & COO

Founder of Manitok in 2005; Dr. De Freitas earned his B.Sc., M.Sc., and Ph.D. degrees in geosciences from the Universities of Toronto, Western Ontario, and Ottawa, respectively. In 1991, he entered into a post doctorial industrial fellowship focusing on circumpolar regional geoscience. After several years of work in the Arctic, he moved to Imperial Oil and then Nexen to work on steam assisted bitumen recovery, structural geoscience, and conventional heavy oil. Since 1999, Dr. De Freitas has worked at British Gas International and Talisman Energy, in various technical and managerial capacities in foothills exploration and development teams. Dr. De Freitas is responsible for the discovery of many oil and gas pools in the unstructured Plains and in the complex structured Foothills of western Canada.

Dorothy Else – Vice President, Land

Ms. Else started her career as a Landman for Getty Oil Company, working in the foothills of Alberta and British Columbia.  Ms. Else spent 10 years from 1992-2002 at the Enerplus Group of Companies, first as Land Manager and later as Vice President, Land. As Vice President, Land Ms. Else was intimately involved in both pre and post acquisition issues including negotiation of purchase and sale agreements, title reviews, closing documentation, post closing asset integration. Ms. Else has been with Manitok since 2005.  Ms. Else is an active member of the Canadian Association of Petroleum Landmen.

Robert Dion CA – Vice President Finance & CFO

Mr. Dion has 20 years of financial experience in the petroleum industry holding various managerial positions during that time. He graduated from the University of Saskatchewan, with a Bachelor of Commerce degree in 1988 and received his Chartered Accountant designation in 1991 with the accounting firm of Coopers & Lybrand. Most recently, Mr. Dion was Finance Manager at Compton Petroleum Corporation from September 2003 to January 2010 where he was involved in the accounting, treasury and taxation functions. During his time at Compton, he was also involved in the issuance of debt and equity securities, corporate acquisitions and restructuring. Prior to that, Mr. Dion held various senior financial positions at Canadian Natural Resources Ltd., Rio Alto Exploration Ltd. and Nexen Inc.

Kevin Baggott P.Eng.– Manager, Engineering

Mr. Baggott has 25 years of industry experience in Western Canada and US Gulf Coast. He started his career with seven years at Chevron. Over the next 12 years he worked as a reservoir and exploitation engineer on numerous Alberta operating fields, including reservoir optimization and development in both oil and gas pools. He spent the last 6 years, before joining Manitok, working for BP in their SW-Alberta Foothills asset team.

Bob Quartero – Business Development Manager

Mr. Quartero has over 30 years of industry experience. Twenty one years with Talisman’s foothills group, the industry leader in the foothills at the time, as technical lead or general exploration manager. He has drilled more than 200 foothills prospects and is credited with discovering more than 2 Trillion Cubic Feet of natural gas reserves in the Canadian foothills. Mr. Quarter managed annual budgets at Talisman, specifically for foothills’ exploration, in excess of $500million.

Robert Eirikson – Senior Drilling Manager

Mr. Eirikson has more than 34 years of drilling operational experience on wells ranging in depth from 300 to 4600m (sour, vertical, directional, and HZ) in Canada and overseas.  He graduated from NAIT, Petroleum Resources (Honors) in 1975 and since has held various drilling related positions. His Canadian foothills experience was obtained working in drilling departments at Gulf Oil and Talisman Energy Inc. for over 20 years. Internationally, Mr. Eirikson has held positions and provided services ranging from drilling planning, management to well completion and service in Libya, Thailand, and China.

Greg Feltham – Geoscience Manager, Foothills

Mr. Feltham received his B.Sc. degree from Memorial University of Newfoundland as well as a M.Sc. degree in structural geology from the University of Calgary. Since 2002, Mr. Feltham worked with Talisman Energy Inc. in their Canadian foothills groups, where he was highly regarded for his technical ability, strong work ethic, and large reserve adds in a host of complex structured plays, including deep carbonate targets and stacked multi-zone, shallow reservoirs. In addition to the domestic foothills work, Mr. Feltham’s technical competence in structural geoscience earned him a two year assignment in Talisman’s SE Asia group. Mr. Feltham was involved in many foothills drilling operations in technically challenging, structured and fractured reservoirs.

Robert Brown – Geoscience Manager, Plains

Mr. Brown earned his B.Sc. (Hons.) and M.Sc. degree in geoscience from the University of Saskatchewan and Queen’s University, respectively. From 1998 to 2001, as a geologist with Vermilion Resources, he was part of the exploration and development team that saw Vermilion’s domestic production grow from ~2,200 boe per day to ~14,000 boe per day. From 2001-2009, as an independent consultant specializing in both exploration and reservoir characterization, Mr. Brown worked closely with technical teams from over 20 successful junior and senior oil and gas companies, including several foothills operators. Mr. Brown has over 14 years of industry experience, and more than 9 years of reservoir characterization experience in the foothills with Talisman Energy, British Gas International and Manitok.