Welcome to our dedicated page for Rok Res news (Ticker: ROKRF), a resource for investors and traders seeking the latest updates and insights on Rok Res stock.
Rok Resources Inc (ROKRF) delivers focused energy exploration through oil and natural gas development in Alberta and Saskatchewan. This dedicated news hub provides investors and stakeholders with timely updates on operational milestones, financial performance, and strategic initiatives.
Access official press releases, drilling program results, and corporate updates that reflect Rok Resources' commitment to disciplined capital allocation and operational efficiency. Key coverage areas include production optimization efforts, reserve development progress, and strategic transactions within core operating regions.
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Bookmark this page for direct access to Rok Resources' latest developments, including updates on Southeast Saskatchewan drilling activities, cost management initiatives, and resource optimization strategies. Check regularly for new insights into the company's operational execution and industry leadership.
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.
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