Excelsior

The guide on ointments say they can be used to counter the loss of stats from a pet dying. What I would like to clarify is for example my pet dies and incurs a 5% loss in stats (1000 STR becomes 950 STR), can I use an ointment to restore my pet to 1000 STR or restore the resists to 75?
OR
Do i first need to mix ointment with right ingredient then add to restore strength and thus need to collect 50 ointments and 7000 mandrake root (cant remember if this is the ingredient for strength)

Your second option has the right of it. If your pet has lost 50 STR, you'll need 50 ointments which you mix with all that mandrake root. The only way to restore stat losses like that is manually, 1 point at a time, just like raising those stats for the heck of it. I've had to do it more times than I care to count thanks to my carelessness, and it ain't fun. Unfortunately, the best advice to avoid the whole situation is "Don't let your pets die", small comfort considering one bad fight and you're in the pit.