ROK Resources Inc. Announces Revised 2024 Guidance and 2023 Financial Performance

REGINA, SK / ACCESSWIRE / April 18, 2024 / ROK Resources Inc., also known as ROK or the Company, declared an updated guidance for the first half of 2024 alongside filing its 2023 financial results. It has outlined plans to initiate a drilling program in Southeast Saskatchewan targeting Frobisher light oil prospects after the spring. The updated capital budget for the first half of 2024 is estimated between $10.0 million to $10.5 million, marking a significant increase from the previous $4.0 to $4.5 million. This development program is expected to commence following favorable weather and road conditions.

The company anticipates a production average of approximately 4,000 barrels of oil equivalent per day (boepd) for the first half of 2024, emphasizing a 61% liquid component. Anticipated net debt by the end of the period is between $16.0 and $16.5 million. For the year 2023, ROK Resources experienced a record average production increase by 40% from the previous year, achieving 3,876 boepd. It also saw a 55% increase in production in the second half of the year due to new wells coming online. Financially, ROK outperformed its forecasts with $37.2 million in funds generated from operations, overcoming weaker commodity prices.