Manitok Energy Quarterly Production Rises 160% in Q3 But Posts Net Loss
Manitok Energy Inc. (MEI.V) has hit 200-day average $1.71 at yesterday's close and has announced today its financial and production results as at and for the three month period ended September 30, 2011.
The company said it had a net loss of $0.8 million, or $0.02 per diluted share, due mainly to non-cash items such as depletion and depreciation expense and stock-based compensation expense in the current quarter. Cash flow, however, was positive for the second straight quarter at $153,994.
Production for the three months ended September 30, 2011 averaged 414 boe/d, an increase of 160%, as compared to average production of 160 boe/d in the three months ended September 30, 2010.
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