REGINA, SK – ROK Resources Inc. (“ROK” or the “Company“) (TSXV:ROK) As per previous press releases, ROK has completed a series of acquisitions including the acquisition of producing assets in the Glen Ewen area effective June 2020 and the Florence area effective April 2021. Total consideration for the acquisitions was $4,835,000. As of May 2021, these assets are producing an estimated 240 Boepd. The recent $6.2 million equity and secured note financing has financed these recent acquisitions and is expected to fund the drilling of two farmin wells to earn 35% of the Carievale prospect.
The Company is now pleased to announce their upcoming development program. The Company intends to drill 6 gross (4.53 net) development locations and perforate an untested zone in an existing wellbore. All seven operations will test a separate prospect directly offsetting existing production and have potential for additional development drilling offsetting these initial tests. Independent third party reserve evaluators have attributed an initial production rate of 175 Boepd for the Glen Ewen 10-9-2-34W1 location, which is typical of Frobisher performance throughout the Glen Ewen and Florence area.
The first Carievale farm-in well and the perforation of the existing well are both scheduled for late July. Additional locations in the program are expected to be drilled over the balance of 2021.
Of the 6 wells planned, only 3 locations have attributed reserves within the Company’s year-end 2020 reserve report. Each successful well is expected to prove up additional development drilling locations and be accretive to production, cash flow and future reserves bookings.
Cam Taylor, CEO & Chairman, stated, “With oil prices showing significant strength, we are very pleased to begin drilling these high impact development locations. Success on any one of these seven prospects has the ability to significantly impact the Company. The recent acquisitions have provided the Company with a strong platform of reserves and infrastructure. Now we can begin to focus on rapidly growing production and cash flow with this set of low risk drilling locations.”
ROK is engaged in exploring for petroleum and natural gas development activities in Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and ROK’s common shares are traded on the TSX Venture Exchange under the trading symbol “ROK”.