ROK Resources Announces Drilling Results & Guidance Update

ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) announced drilling results and an update to its 2024 guidance. The company successfully drilled 6 gross (4.95 net) wells. Two wells in Saskatchewan, drilled in July 2024, averaged over 250 boepd IP30 and 230 boepd IP60. The latest well in the program produced around 250 boepd IP30. The drilling program resulted in three independent field discoveries, positioning the company for future growth.

ROK Resources plans to drill an additional 3 gross (3 net) wells in 2024. Despite recent successes, the company will delay drilling of 4 net wells in Saskatchewan, reducing capital expenditures by $4.0 million for the remainder of 2024. This aims to reduce volatility in the North American oil and natural gas market.

The revised 2024 guidance includes a 17% reduction in capital expenditures, a slight decrease in average daily production (down 4%), and a reduction in adjusted net debt. The company maintains operational flexibility with hedges for oil and natural gas in place.

ROK Resources has also completed a share exchange with EMP Metals Corp., acquiring 18,925,000 common shares of EMP Metals and holding a 17.11% ownership stake.