January 07, 2013 19:45 ET
CALGARY, ALBERTA--(Marketwire - Jan. 7, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Manitok Energy Inc. (the "Corporation") (TSX VENTURE:MEI) announces that its board of directors approved the granting of incentive stock options ("Options") under its stock option plan to certain of its directors and officers to acquire up to an aggregate of 840,000 common shares ("Common Shares") of the Corporation and the granting of Options to certain of its employees and consultants to acquire up to an aggregate of 786,100 Common Shares.
All of such Options are exercisable for a period of five years at a price of $3.12 per Common Share and 33 1/3% of the Options will vest one year after the date of the grant of such Options and the remainder will vest 33 1/3% per year thereafter.
Upon the granting of the Options described above, Manitok will have 6,416,600 Options outstanding, which represents about 9.1% of the 70,339,014 Common Shares currently outstanding. Manitok's stock option plan currently limits the issuance of Options to no more than 10% of the outstanding Common Shares.
Manitok is a public oil and gas exploration and development company focusing on conventional oil and gas reservoirs in the Canadian foothills. Manitok's corporate strategy is that of being an "early mover" in the exploitation phase of the development life cycle of hydrocarbon reserves in the Canadian foothills. The Corporation will continue to utilize its experience and expertise to develop the untapped conventional sweet oil and liquids-rich natural gas pools in this large and under-exploited region of the Western Canadian Sedimentary Basin.
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.
Manitok Energy Inc.Massimo M. GeremiaPresident and Chief Executive Officer403firstname.lastname@example.orgManitok Energy Inc.Tim de FreitasVice President, Exploration & Chief Operating Officer403email@example.com
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