Manitok Energy

MEI-X

Analysis and Opinions about MEI-X

Signal
Opinion
Expert
SELL
SELL
November 20, 2015

The prospect of there being equity value in this company is fairly low. If you own, he would Sell and take a tax loss and move on.

Manitok Energy (MEI-X)
November 20, 2015

The prospect of there being equity value in this company is fairly low. If you own, he would Sell and take a tax loss and move on.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$0.215
Owned
No
SELL
SELL
June 8, 2015

It is the epitome of what people don’t want to own today. It has balance sheet issues, okay drilling results, but it is undercapitalized and the management team lost traction with the street.

It is the epitome of what people don’t want to own today. It has balance sheet issues, okay drilling results, but it is undercapitalized and the management team lost traction with the street.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$0.780
Owned
Unknown
HOLD
HOLD
October 3, 2014

Has been a favourite of his for a while and he has been wrong, but he still feels strongly about this one. The asset they have there is massive. Prairie Sky has a royalty on it and they are finding they are more oily than they originally thought. One of the lowest cash flow multiples he owns. He wants to see 30 or 40 wells drilled before he makes a decision.

Manitok Energy (MEI-X)
October 3, 2014

Has been a favourite of his for a while and he has been wrong, but he still feels strongly about this one. The asset they have there is massive. Prairie Sky has a royalty on it and they are finding they are more oily than they originally thought. One of the lowest cash flow multiples he owns. He wants to see 30 or 40 wells drilled before he makes a decision.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.030
Owned
Yes
BUY
BUY
July 16, 2014

Pressure on this came with the departure of one of the senior guys that was thought to be the sole driver behind their success in the Stolberg play. He feels they have proven to the market that the people still in this company are capable of delivering results. Also, did a big farm-in with Encana (ECA-T) on PrarieSky (PSK-T), and seems they have the competency to chase a reserve like this. Thinks the market has underestimated the potential of Entice. Feels this is a $5 stock.

Pressure on this came with the departure of one of the senior guys that was thought to be the sole driver behind their success in the Stolberg play. He feels they have proven to the market that the people still in this company are capable of delivering results. Also, did a big farm-in with Encana (ECA-T) on PrarieSky (PSK-T), and seems they have the competency to chase a reserve like this. Thinks the market has underestimated the potential of Entice. Feels this is a $5 stock.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.700
Owned
Yes
COMMENT
COMMENT
June 25, 2014

One of the companies that has not participated in the large rally, primarily because some of the key “value finders” they had been using in the foothills, left to form another company. Have some good wells since that management shift. A big unknown is that they did a massive form on Encana (ECA-T) on their 6 Township block just immediately east of Calgary. A large, large block of land that is relatively shallow. They are just starting that first well. Company is trading at a ridiculously low cash flow multiple. Likes the company.

One of the companies that has not participated in the large rally, primarily because some of the key “value finders” they had been using in the foothills, left to form another company. Have some good wells since that management shift. A big unknown is that they did a massive form on Encana (ECA-T) on their 6 Township block just immediately east of Calgary. A large, large block of land that is relatively shallow. They are just starting that first well. Company is trading at a ridiculously low cash flow multiple. Likes the company.

Martin Davies
Portfolio Manager, Brickburn Asset Management
Price
$2.430
Owned
Yes
DON'T BUY
DON'T BUY
April 17, 2014

They are running out of running room in one of their assets. He thinks the market does not understand the steps they are taking on other drilling. So he would not buy it.

Manitok Energy (MEI-X)
April 17, 2014

They are running out of running room in one of their assets. He thinks the market does not understand the steps they are taking on other drilling. So he would not buy it.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.380
Owned
No
WEAK BUY
WEAK BUY
April 11, 2014

Under a cloud right now. The repeatability of their property where they drive most of the production from has raised concern. Signed a deal with ECA-T to exploit massive amounts of their royalty lands. Likes the company.

Manitok Energy (MEI-X)
April 11, 2014

Under a cloud right now. The repeatability of their property where they drive most of the production from has raised concern. Signed a deal with ECA-T to exploit massive amounts of their royalty lands. Likes the company.

Martin Davies
Portfolio Manager, Brickburn Asset Management
Price
$2.570
Owned
Yes
HOLD
HOLD
April 3, 2014

He has lightened recently. It is one that had an operational misstep recently. There is a fairly spread out asset package there. It certainly has depth of opportunities.

He has lightened recently. It is one that had an operational misstep recently. There is a fairly spread out asset package there. It certainly has depth of opportunities.

Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$2.480
Owned
Yes
COMMENT
COMMENT
March 13, 2014

Had a bit of a stumble last year. COO left, which, in his opinion, was one of the core parts of management. Their operations and production updates have not been stellar. He needs to see 2 or 3 more quarters of this company to see if they can turn around operations and get back on the path they were a year ago. Currently trading at a very cheap multiple.

Manitok Energy (MEI-X)
March 13, 2014

Had a bit of a stumble last year. COO left, which, in his opinion, was one of the core parts of management. Their operations and production updates have not been stellar. He needs to see 2 or 3 more quarters of this company to see if they can turn around operations and get back on the path they were a year ago. Currently trading at a very cheap multiple.

Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$2.350
Owned
Yes
DON'T BUY
DON'T BUY
March 11, 2014

Not a name that he is comfortable with. Lost their key geological person who took them into the disturbed (???) Foothills trend where they had a remarkable amount of success. Their development inventory in that play is shrinking and they’ve since farmed in on Encana (ECA-T) which presents a whole new element of risks. Stock appears to be cheap on current production but cheap stocks usually are more expensive than you thought because production does not quite grow at the same pace.

Manitok Energy (MEI-X)
March 11, 2014

Not a name that he is comfortable with. Lost their key geological person who took them into the disturbed (???) Foothills trend where they had a remarkable amount of success. Their development inventory in that play is shrinking and they’ve since farmed in on Encana (ECA-T) which presents a whole new element of risks. Stock appears to be cheap on current production but cheap stocks usually are more expensive than you thought because production does not quite grow at the same pace.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.320
Owned
No
PAST TOP PICK
PAST TOP PICK
February 12, 2014

(A Top Pick Jan 2/13. Down 18.53%.) Has liked this for a long time, but they hit a couple of speed bumps along the way. Criticized early on for not having enough depth in their inventory. Have had great success in the deep basin of Stolberg, but investors were at little concerned so the company stepped out and tried a new play concept that didn’t quite work. Also a key technical guy walked away. The Stolberg play is working phenomenally, 20 great wells, all horizontally drilled. Production of the company is over 5000 barrels a day. A new addition is a farm-in that they did with Encana (ECA-T) in west central Alberta which has very multi zone potential. Lots of infrastructure in the region.

Manitok Energy (MEI-X)
February 12, 2014

(A Top Pick Jan 2/13. Down 18.53%.) Has liked this for a long time, but they hit a couple of speed bumps along the way. Criticized early on for not having enough depth in their inventory. Have had great success in the deep basin of Stolberg, but investors were at little concerned so the company stepped out and tried a new play concept that didn’t quite work. Also a key technical guy walked away. The Stolberg play is working phenomenally, 20 great wells, all horizontally drilled. Production of the company is over 5000 barrels a day. A new addition is a farm-in that they did with Encana (ECA-T) in west central Alberta which has very multi zone potential. Lots of infrastructure in the region.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.550
Owned
Yes
BUY
BUY
January 8, 2014

Working with Encana (ECA-T) on old Canadian Pacific (CP-T) railway lands, which is a perfect fit and size for the type of work they do. The long-term productivity and capital efficiency of these wells are excellent. Long-term growth is tied in very well to this area.

Manitok Energy (MEI-X)
January 8, 2014

Working with Encana (ECA-T) on old Canadian Pacific (CP-T) railway lands, which is a perfect fit and size for the type of work they do. The long-term productivity and capital efficiency of these wells are excellent. Long-term growth is tied in very well to this area.

Martin Davies
Portfolio Manager, Brickburn Asset Management
Price
$2.220
Owned
Yes
BUY
BUY
December 6, 2013

Has taken quite a hit over the past few weeks and months, and that is partly due to some personnel changes, and diversifying their portfolio a bit more, which some investors did not approve of. Can see $3-$3.50 for this stock.

Manitok Energy (MEI-X)
December 6, 2013

Has taken quite a hit over the past few weeks and months, and that is partly due to some personnel changes, and diversifying their portfolio a bit more, which some investors did not approve of. Can see $3-$3.50 for this stock.

Joanne A. Hruska, CFA
Market Strategist, Integral Wealth Securities
Price
$2.140
Owned
Yes
DON'T BUY
DON'T BUY
November 4, 2013

(Market Call Minute) Lost their technical expert, switched play type – too many warning signs.

Manitok Energy (MEI-X)
November 4, 2013

(Market Call Minute) Lost their technical expert, switched play type – too many warning signs.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.660
Owned
No
BUY WEAKNESS
BUY WEAKNESS
October 23, 2013

Holds this stock in very high regard. The criticism is that it is a one play focus. Thinks this is one of the rising stars. Their new Encana (ECA-T) farm-in play is an absolute incredible opportunity for them. Very confident technical team.

Manitok Energy (MEI-X)
October 23, 2013

Holds this stock in very high regard. The criticism is that it is a one play focus. Thinks this is one of the rising stars. Their new Encana (ECA-T) farm-in play is an absolute incredible opportunity for them. Very confident technical team.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.930
Owned
Yes
COMMENT
COMMENT
August 23, 2013

This would be on his short list of companies he would buy in this space, but he just doesn’t go this low at the moment.

Manitok Energy (MEI-X)
August 23, 2013

This would be on his short list of companies he would buy in this space, but he just doesn’t go this low at the moment.

Bill Harris, CFA
Portfolio Manager, Avenue Investment Management
Price
$2.730
Owned
No
BUY
BUY
August 15, 2013

(Market Call Minute) Likes it. Below $3 is a buy

Manitok Energy (MEI-X)
August 15, 2013

(Market Call Minute) Likes it. Below $3 is a buy

Robert Lauzon
Deputy Chief Investment Officer, Middlefield Capital Corporation
Price
$2.700
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 1, 2013

(Top Pick Apr 16/13, Down 5.15%) Production is going to double this year. They only have one play although they are having great success with it. Now they have found a second one. Market held its breath and first well did not do well. Do not dismiss it. Team came from Talisman. If there is a solution there they will find it. Have a third asset now that they worked with at Talisman. The drop has been a function of ‘show me another play’. Still recommends it.

Manitok Energy (MEI-X)
August 1, 2013

(Top Pick Apr 16/13, Down 5.15%) Production is going to double this year. They only have one play although they are having great success with it. Now they have found a second one. Market held its breath and first well did not do well. Do not dismiss it. Team came from Talisman. If there is a solution there they will find it. Have a third asset now that they worked with at Talisman. The drop has been a function of ‘show me another play’. Still recommends it.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.610
Owned
Yes
PAST TOP PICK
PAST TOP PICK
June 5, 2013

(A Top Pick Jan 2/13. Down 7.35%.)

(A Top Pick Jan 2/13. Down 7.35%.)

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.900
Owned
Unknown
TOP PICK
TOP PICK
April 16, 2013

(A Top Pick Jan 2/13. Down 13.1 %.) Their expertise is in the foothills region of Alberta, which is essentially a deeper basin. 11 for 11 in the significant wells of the Stolberg-Cardium play. Expects the stock will deliver incredible production growth. At the current price, you are essentially paying for the reserve they discovered on 6 of their 7 sections on the Stolberg play. This is just the tip of the iceberg for them. Also, developing other regions as well. $5 target price.

Manitok Energy (MEI-X)
April 16, 2013

(A Top Pick Jan 2/13. Down 13.1 %.) Their expertise is in the foothills region of Alberta, which is essentially a deeper basin. 11 for 11 in the significant wells of the Stolberg-Cardium play. Expects the stock will deliver incredible production growth. At the current price, you are essentially paying for the reserve they discovered on 6 of their 7 sections on the Stolberg play. This is just the tip of the iceberg for them. Also, developing other regions as well. $5 target price.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$2.720
Owned
Yes
BUY
BUY
January 25, 2013

Has a lot of respect for the management team, which is all made from Talisman (TLM-T) ex-employees. Have drilled up and down the Western Canadian basin in the 80’s with Talisman. Production has shown great growth over the last 2 years. Expects them to double production from 4200 barrels a day in 2013. Currently focused on a place called Stolberg which looks like it is going to be a low risk, high profit play. Expecting to double production this year. Not expensive and trading at a slight discount to juniors.

Manitok Energy (MEI-X)
January 25, 2013

Has a lot of respect for the management team, which is all made from Talisman (TLM-T) ex-employees. Have drilled up and down the Western Canadian basin in the 80’s with Talisman. Production has shown great growth over the last 2 years. Expects them to double production from 4200 barrels a day in 2013. Currently focused on a place called Stolberg which looks like it is going to be a low risk, high profit play. Expecting to double production this year. Not expensive and trading at a slight discount to juniors.

Alice Tsang
Portfolio Manager, Marquest Asset Management
Price
$3.210
Owned
Unknown
DON'T BUY
DON'T BUY
January 9, 2013

Just sold the last of his position. He’ll revisit this one later in the year. Doesn’t think this is a market where small cap companies are going to be in favour. Used to be extraordinarily cheap but that is no longer the case. Also, feels they could be losing their focus.

Manitok Energy (MEI-X)
January 9, 2013

Just sold the last of his position. He’ll revisit this one later in the year. Doesn’t think this is a market where small cap companies are going to be in favour. Used to be extraordinarily cheap but that is no longer the case. Also, feels they could be losing their focus.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$3.090
Owned
No
TOP PICK
TOP PICK
January 2, 2013

Has had tremendous success at a conventional cardium play in the foothill region of Alberta. On their 5th or 6th well currently. Magnitude of this reservoir is just becoming known. Could conceivably see 10,000 barrels a day in the next 18-24 months. Target price of $5.

Manitok Energy (MEI-X)
January 2, 2013

Has had tremendous success at a conventional cardium play in the foothill region of Alberta. On their 5th or 6th well currently. Magnitude of this reservoir is just becoming known. Could conceivably see 10,000 barrels a day in the next 18-24 months. Target price of $5.

Bill Bonner
President & Portfolio Manager, Brickburn Asset Management Inc
Price
$3.130
Owned
Yes
TOP PICK
TOP PICK
April 2, 2012
Trading at 50% of its fair value. Still in early stages although they are currently doing 2000 barrels a day. Have guided to 4000 barrels. Have guided to $48 million of cash flow starting at the end of this year. Trades at about 2X cash flow. Potential to cash flow more than its share price in 3 years.
Trading at 50% of its fair value. Still in early stages although they are currently doing 2000 barrels a day. Have guided to 4000 barrels. Have guided to $48 million of cash flow starting at the end of this year. Trades at about 2X cash flow. Potential to cash flow more than its share price in 3 years.
Randall Abramson
Co-founder, President and CEO, Chief Portfolio Mgr, Trapeze Asset Management
Price
$1.740
Owned
Yes
TOP PICK
TOP PICK
February 14, 2012
Foothills of Alberta. Every time they drill a well, they get over 100% rate of return. 2.5x future run rate. Thinks there is a long run rate here. 3400 barrels and land positions to take them to over 10K barrels.
Manitok Energy (MEI-X)
February 14, 2012
Foothills of Alberta. Every time they drill a well, they get over 100% rate of return. 2.5x future run rate. Thinks there is a long run rate here. 3400 barrels and land positions to take them to over 10K barrels.
Randall Abramson
Co-founder, President and CEO, Chief Portfolio Mgr, Trapeze Asset Management
Price
$1.790
Owned
Yes
PAST TOP PICK
PAST TOP PICK
December 8, 2011
(Top Pick Oct 27/11, Down 17.70%) Did an issue to satisfy demand. Is a spectacular company.
Manitok Energy (MEI-X)
December 8, 2011
(Top Pick Oct 27/11, Down 17.70%) Did an issue to satisfy demand. Is a spectacular company.
Randall Abramson
Co-founder, President and CEO, Chief Portfolio Mgr, Trapeze Asset Management
Price
$1.600
Owned
Yes
TOP PICK
TOP PICK
October 27, 2011
Energy producer out of foothills of Alberta. Lots of experience in managers. Drilling existing wells. Highly probably stuff. Significant upside.
Manitok Energy (MEI-X)
October 27, 2011
Energy producer out of foothills of Alberta. Lots of experience in managers. Drilling existing wells. Highly probably stuff. Significant upside.
Randall Abramson
Co-founder, President and CEO, Chief Portfolio Mgr, Trapeze Asset Management
Price
$1.920
Owned
Yes
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