ROK RESOURCES INC B - ROKRF STOCK NEWS

ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) has announced its 2024 drilling results and updated guidance. The company has successfully drilled 6 gross (4.95 net) wells, with two of them being among the best oil wells drilled in Saskatchewan in July 2024. These wells averaged over 250 boepd IP30 and 230 boepd IP60. The company plans to drill an additional 3 gross (3 net) wells in 2024.

ROK has revised its 2024 guidance, reducing capital expenditures by 17% to $20 million, while average production is expected to decrease by only 4% to 4,000 boepd. The company has also completed a share exchange with EMP Metals Corp., acquiring a 17.11% basic ownership in EMP Metals.

ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) has filed its Q2 2024 financial results and provided an operations update. Key highlights include:

• Production averaged 3,937 boepd (63% liquids), a 19.4% YoY increase
• Operating Netback improved to $17.87 per boe
• Successful drilling of 4 gross (3.44 net) wells with average IP30 of 148 boepd
• Adjusted Net Debt reduced to $15.1 million
• Credit facility renewed at $22.5 million through June 30, 2025

The company remains on track with its 2024 guidance, expecting to drill 7-9 gross wells in H2 2024. ROK's focus is on strategic opportunities, operational efficiencies, and cost reduction measures. The company has temporarily shut-in 300 boepd in Kaybob, Alberta due to soft natural gas markets.

ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) has entered into a Share Exchange Agreement with EMP Metals Corp., exchanging its common shares of Hub City Lithium Corp. for 17,085,000 common shares of EMP Metals. This will result in ROK owning approximately 17.11% of EMP Metals. The exchange is expected to have no tax implications due to 85(1) rollover provisions.

Additionally, ROK has entered into a Management Agreement with Hub City Lithium, receiving 1,840,000 EMP Metals shares for managing operational objectives for one year. ROK has also commenced a two-well lithium drilling and testing program in the Viewfield area of Saskatchewan, aimed at delineating the original discovery and providing data for future engineering studies and reservoir modeling.

ROK Resources has announced its strategic direction for the second half of 2024. The company aims to enhance shareholder value through the development of conventional light oil prospects in Southeast Saskatchewan. Key points include a reduction in capital expenditures to $24-$25 million, a target average daily production rate of 4,100-4,200 boepd, and a stable adjusted net debt of $19-$20 million. The drilling program includes 13 gross wells and 2-3 multi-lateral wells in core areas. Despite the softening of the North American natural gas markets, ROK has shut-in 280 boepd in Kaybob, Alberta, with reactivation expected in Q4 2024. The company also maintains a strong natural gas hedge program with an estimated gain of $1.0-$1.5 million CAD.

ROK Resources (TSXV:ROK)(OTCQB:ROKRF) released its financial results for Q1 2024, highlighting an average daily production of 4,278 boepd, a 62% increase in liquids. Operating costs per boe were reduced by 18% to $27.55. The company reported a net income loss of $5.6 million, down from a net income of $0.8 million in Q1 2023. Funds from operations dropped from $13.3 million to $8.0 million. The company reduced its adjusted net debt from $18.7 million to $14.4 million. Capital expenditures totaled $1.8 million, focusing on well reactivations and infrastructure. Key initiatives for 2024 include a $10 million drilling program targeting Frobisher light oil and a focus on reducing corporate costs.

ROK Resources Inc. announces revised first-half 2024 guidance, focusing on drilling programs, cost reduction, and expansion in Southeast Saskatchewan. The company plans a six-well program targeting Frobisher light oil prospects, with a capital budget increase to $10.0 - $10.5 million. Financially, ROK saw record average production in 2023, increased funds from operations, and a significant reduction in net debt year over year.

ROK Resources Inc. announces strong operational performance in 2023 with record production levels, reserve growth, and cost reductions. The company achieved a daily average production of 4,650 boepd in December, increased production by over 50% in 6 months, and added 10 proved drilling locations. Operating cost per boe reduced by 20% in Q4 2023, exceeding funds from operations forecast by 16%. Net debt decreased by 59% year over year to $14.5 million. The company also demonstrated commitment to ESG initiatives by investing in environmental liabilities. The independent reserves evaluation revealed significant reserves growth with proved plus probable reserves of 21,054 Mboe and NPV of $237.5 million. The company's 1P and 2P diluted NAV increased by 15% and 22% respectively year over year. The 2023 average Operating Netback was $24.37/boe. First-half 2024 guidance focuses on debt reduction, operational efficiencies, well reactivations, and lithium project advancement.

ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) announces the highlights of Hub City Lithium's Preliminary Economic Assessment (PEA) on the Viewfield Lithium Brine Project, Saskatchewan. The PEA outlines a pre-tax NPV of $1.49 billion USD, a pre-tax IRR of 55%, and a 23-year project-life producing a total of 282,090 tonnes of battery-grade lithium carbonate.

ROK Resources Inc. (TSXV:ROK)(TSXV:ROK.WT)(OTCQB:ROKRF) reports significant advancements in its lithium project, including successful direct lithium extraction pilot results, production of pure battery-grade lithium carbonate, increased acreage, and an update on the delivery of the Preliminary Economic Assessment.