ROK Resources Announces Drilling Results & Guidance Update
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) ha annunciato i risultati di perforazione per il 2024 e una guida aggiornata. L'azienda ha perforato con successo 6 pozzi lordi (4,95 netti), due dei quali sono stati tra i migliori pozzi petroliferi perforati in Saskatchewan a luglio 2024. Questi pozzi hanno avuto una produzione media superiore a 250 boepd IP30 e 230 boepd IP60. L'azienda prevede di perforare ulteriori 3 pozzi lordi (3 netti) nel 2024.
ROK ha rivisto le sue previsioni per il 2024, riducendo le spese in conto capitale del 17% a 20 milioni di dollari, mentre la produzione media è attesa a un calo del solo 4% a 4.000 boepd. L'azienda ha anche completato uno scambio di azioni con EMP Metals Corp., acquisendo una parte di proprietà del 17,11% in EMP Metals.
ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) ha anunciado sus resultados de perforación para 2024 y una guía actualizada. La compañía ha perforado con éxito 6 pozos brutos (4.95 netos), de los cuales dos se encuentran entre los mejores pozos de petróleo perforados en Saskatchewan en julio de 2024. Estos pozos tuvieron un promedio de más de 250 boepd IP30 y 230 boepd IP60. La compañía planea perforar 3 pozos brutos adicionales (3 netos) en 2024.
ROK ha revisado su guía para 2024, reduciendo los gastos de capital en un 17%, a 20 millones de dólares, mientras que se espera que la producción promedio disminuya solo un 4%, a 4,000 boepd. La compañía también ha completado un intercambio de acciones con EMP Metals Corp., adquiriendo una participación del 17.11% en EMP Metals.
ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF)이 2024년 채굴 결과와 업데이트된 지침을 발표했습니다. 이 회사는 총 6개의 유정(4.95개의 순 유정)을 성공적으로 굴착했습니다, 그 중 두 개는 2024년 7월 사스카처완에서 굴착된 최고의 유전 중 하나였습니다. 이 유정들은 평균 IP30에서 250 boepd, IP60에서 230 boepd 이상의 생산량을 기록했습니다. 이 회사는 2024년에 추가로 총 3개(순 3개)의 유정을 굴착할 계획입니다.
ROK는 2024년 지침을 수정하여 자본 지출을 17% 줄여 2천만 달러로 설정했으며, 평균 생산량은 4,000 boepd로 4% 감소할 것으로 예상하고 있습니다. 이 회사는 또한 EMP Metals Corp.와의 주식 교환을 완료하고 EMP Metals에서 17.11%의 기본 소유권을 획득했습니다.
ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) a annoncé ses résultats de forage pour 2024 et des prévisions mises à jour. La société a réussi à forer 6 puits bruts (4,95 nets), dont deux figurent parmi les meilleurs puits pétroliers forés en Saskatchewan en juillet 2024. Ces puits ont affiché une production moyenne supérieure à 250 boepd IP30 et 230 boepd IP60. La société prévoit de forer 3 puits bruts supplémentaires (3 nets) en 2024.
ROK a révisé ses prévisions pour 2024, réduisant les dépenses d'investissement de 17% à 20 millions de dollars, tandis que la production moyenne devrait diminuer de seulement 4% à 4 000 boepd. La société a également finalisé un échange d'actions avec EMP Metals Corp., acquérant un 17,11% de propriété de base dans EMP Metals.
ROK Resources Inc. (TSXV:ROK)(OTCQB:ROKRF) hat seine Bohrergebnisse für 2024 und aktualisierte Vorgaben bekannt gegeben. Das Unternehmen hat erfolgreich 6 Brutto-Bohrungen (4,95 Netto-Bohrungen) durchgeführt, von denen zwei zu den besten Öllöchern zählen, die im Juli 2024 in Saskatchewan gebohrt wurden. Diese Löcher hatten im Durchschnitt über 250 boepd IP30 und 230 boepd IP60. Das Unternehmen plant, im Jahr 2024 zusätzlich 3 Brutto-Bohrungen (3 Netto-Bohrungen) vorzunehmen.
ROK hat seine Prognosen für 2024 überarbeitet und die Investitionsausgaben um 17% auf 20 Millionen Dollar gesenkt, während die durchschnittliche Produktion voraussichtlich nur um 4% auf 4.000 boepd zurückgehen wird. Das Unternehmen hat auch einen Aktientausch mit EMP Metals Corp. abgeschlossen und sich eine 17,11%ige Grundbesitz an EMP Metals gesichert.
- Successful drilling of 6 gross wells, with two being among the best oil wells in Saskatchewan
- Wells outperforming internal type curves on IP30 and IP60 bases
- Discovery of three independent fields, positioning for future production and reserve growth
- Planned construction of a multi-well facility in Q4 2024 to lower operating costs
- 17% reduction in capital expenditures while average production only decreases by 4%
- Strong hedging position with weighted average swap prices at CA$97.57/bbl WTI and CA$2.84/mmbtu natural gas
- Reduction in capital expenditures by $4.0 million for the balance of 2024
- Delay in drilling of 4 net wells in Saskatchewan
- Decrease in average daily production from 4,150 boepd to 4,000 boepd in revised guidance
- Reduction in projected Funds from Operations from $31.0 million to $29.8 million
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
REGINA, SK / ACCESSWIRE / September 23, 2024 / ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK)(OTCQB:ROKRF) is pleased to announce year to date drilling results and an update to 2024 guidance.
2024 DRILLING RESULTS
Year to date, the Company has successfully drilled 6 gross (4.95 net) wells, resulting in two of the best oil wells drilled in Saskatchewanin July 20241, with the two wells averaging more than 250 boepd2 IP30 and 230 boepd2 IP60. In addition, the most recent well drilled in the program has produced approximately 250 boepd2 IP30. The Company's 2024 wells, on average, have outperformed internal type curves on both IP30 and IP60 bases. The Company's successful drill program has resulted in the discovery of three independent fields and continues to position the Company for future production and reserve growth.
2024 GUIDANCE UPDATE
The Company intends to drill an additional 3 gross (3 net) wells in 2024, targeting reserve and inventory growth in the Frobisher and Midale formations. Given the Company's recent drilling success, construction of a multi-well facility is scheduled for Q4 2024, which will lower operating costs and allow for continued optimization of existing wells.
Given the volatility in the North American oil and natural gas market the Company has elected to reduce capital expenditures by delaying the drilling of 4 net wells in Saskatchewan, thereby reducing capital expenditures by
| 2024 Previous Guidance | 2024 Revised Guidance |
Capital Expenditures (MM) | ||
Daily Average Production (boepd) 2 | 4,150 | 4,000 |
Exit Production (boepd) 2,3 | 4,600 | 4,200 |
Funds from Operations (MM) | ||
Adjusted Net Debt (MM) | ||
Average WTI (US$) |
Further, the Company remains well positioned to mitigate market volatility with hedges at weighted average swap prices at CA
HEDGES
| WTI Swaps |
| AECO Swaps |
|
Quarter | bbls/d | CA$/bbl | mmbtu/d | CA$/mmbtu |
Q4 2024 | 1,539.00 | 5,397.00 | ||
Q1 2025 | 1,200.00 | 5,000.00 | ||
Q2 2025 | 1,019.00 | 5,070.00 | ||
Q3 2025 | 665.00 | 2,618.00 | ||
Q4 2025 | 297.00 | 1,487.00 | ||
Q1 2026 | 276.00 | 1,416.00 | ||
Q2 2026 | 260.00 | 1,348.00 | ||
Average | 751.00 | 3,191.00 |
LITHIUM SHARE EXCHANGE
The Company is pleased to announce the completion of its previously announced share exchange with EMP Metals Corp. ("EMP Metals") wherein the Company has exchanged its common shares of Hub City Lithium Corp. ("Hub City Lithium"), a private entity, in return for 18,925,000 common shares of EMP Metals, a public entity which trades on the Canadian Securities Exchange under the trading symbol "EMPS". The Company's ownership in EMP Metals is
Notes:
Peters & Co. Energy Update dated July 2024
Based on field production data
66% liquids300 boepd shut-in on June 15, 2024 at Kaybob due to AECO pricing
Production guidance assumes Kaybob volumes are back on-stream before year-end
About ROK
ROK is primarily engaged in exploring for petroleum and natural gas development activities in Alberta and Saskatchewan. It has offices located in both Regina, Saskatchewan, Canada and Calgary, Alberta, Canada. ROK's common shares are traded on the TSX Venture Exchange under the trading symbol "ROK".
For further information, please contact:
Cameron Taylor, Chairman and Chief Executive Officer
Bryden Wright, President and Chief Operating Officer
Jared Lukomski, Senior Vice President, Land & Business Development
Lynn Chapman, Chief Financial Officer
Phone: (306) 522-0011
Email: investor@rokresources.ca
Website: www.rokresources.ca
Conversion Measures
Production volumes and reserves are commonly expressed on a barrel of oil equivalent ("boe") basis whereby natural gas volumes are converted at the ratio of 6 thousand cubic feet ("Mcf") to 1 barrel of oil ("bbl"). Although the intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants, boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In recent years, the value ratio based on the price of crude oil as compared to natural gas has been significantly higher than the energy equivalency of 6:1 and utilizing a conversion of natural gas volumes on a 6:1 basis may be misleading as an indication of value
Abbreviations
bbls/d bopd |
| barrels per day barrels per day |
boepd |
| barrels oil equivalent per day |
IP |
| Initial Production |
NGLs |
| Natural Gas Liquids |
Mboe Mg/l mmbtu/d |
| thousands of barrels of oil equivalent milligrams per Litre million British thermal units per day |
MMboe |
| millions of barrels of oil equivalent |
PDP |
| Proved Developed Producing |
TP |
| Total Proved Reserves |
TPP |
| Total Proved and Probable Reserves |
WTI CA$ US$ |
| West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade Canadian dollars U.S. dollars |
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's objectives, goals, or future plans and the expected results thereof. Forward-looking statements are necessarily based on several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to general business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ROK's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events, or otherwise.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
SOURCE: ROK Resources Inc.
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