ORIGINAL: ROK Resources Provides Kaybob Operations Update
2022-10-20 07:30 ET - News Release
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
REGINA, SK / ACCESSWIRE / October 20, 2022 / ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) is pleased to provide an operations update for its Kaybob workover and reactivation program, as well as the participation in two non-operated wells.
The Company successfully completed the reactivation of four (4) gross (1.2 net) wells and the workover of one (1) gross (1 net) well in the Kaybob area of Alberta. The operations were completed in July and have resulted in an IP60 of 135 net Boepd (60% liquids) after total net capital expenditures of $970,000. In light of the positive results, the Company has identified an additional nine (9) gross (9 net) reactivation and/or workover candidates in the area, which have been scheduled to be onstream for early 2023.
The Company also participated in the drilling of two (2) gross (0.6 net) horizontal wells at Kaybob, with the first well (Dunvegan Formation) on production in September and the second well (Gething Formation) expected to be on production in late November. Over the first 18 days of production, the Dunvegan horizontal well has averaged 180 gross Boepd (54 net - 71% liquids), which is consistent with the Company's type curve expectations.
The Kaybob area currently produces ~1,200 Boepd (34% liquids), which accounts for approximately 35% of ROK's corporate production base of 3,400 Boepd (70% liquids).
About ROK
ROK is primarily engaged in exploring for petroleum and natural gas development activities in Alberta and Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and ROK's common shares are traded on the Exchange under the trading symbol "ROK".
For further information, please contact:
Cameron Taylor, Chairman and CEO
Bryden Wright, COO
Jared Lukomski, Senior Vice President, Land & Business Development
Phone: (306) 522-0011
Email: investor@rokresources.ca
Boe Disclosure
The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.
Cautionary Statement Regarding Future Oriented Financial Information
This news release contains future oriented financial information ("FOFI") within the meaning of applicable securities laws. The FOFI has been prepared by our management to provide an outlook of our activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions including the assumptions discussed and described as forward-looking statements and assumptions with respect to estimated net operating income and debt figures. The actual results of our operations and the resulting financial results may vary from the forecast set forth herein, and such variation may be material. Our management believes that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. Readers are cautioned that the foregoing list of important factors is not exhaustive. The forward-looking statements and the FOFI contained in this news release are made as of the date of this news release or the dates specifically referenced herein. All forward-looking statements and the FOFI contained in this news release are expressly qualified by this disclaimer and cautionary statement. Other than as required by applicable securities laws, the Company assumes no obligation to update forward-looking statements or the FOFI should circumstances or the Company's estimates or opinions change.
Abbreviations & Definitions
| bbls/d | barrels per day |
| boe | barrels of oil equivalent |
| boepd | barrels oil equivalent per day |
| Liquids | oil plus natural gas liquids (NGLs) |
| NGLs | Natural Gas Liquids |
| Mboe | Thousands of barrels of oil equivalent |
| MMboe | Millions of barrels of oil equivalent |
| PDP | Proved Developed Producing |
| TP | Total Proved Reserves |
| TPP | Total Proved and Probable Reserves |
| IFRS | International Financial Reporting Standards as issued by the International Accounting Standards Board |
| IP60 | 60 Day initial daily production rate |
| WTI | West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade |
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 with respect to pursuing the objectives and the expectations regarding 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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