NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES OR FOR DISTRIBUTION IN THE UNITED STATES
REGINA, SK/ACCESSWIRE/March 24, 2022/ ROK Resources Inc. (“ROK“or the”Company“) (TSXV:ROK) is pleased to report the results of its independent reserves valuation as of December 31, 2021. The Company’s valuation as of December 31, 2021 was performed by GLJ Ltd. (“GLJ“) of Calgary and was conducted in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluators Handbook (“COGEH“) and National Instrument 51-101 – Oil and Gas Activity Disclosure Standards (“National Instrument 51-101Please note that all amounts are in Canadian dollars, unless otherwise stated, and that BOPD refers to barrels of oil per day. The reserve volumes shown below are the “total interest reserves of the company “, a classification of reserves used in the valuation that represents production and reserves before the deduction of royalties.
Reserve volumes do not include the Acquisition, as defined in the March 7, 2022 press release, as the Acquisition was acquired after December 31, 2021. ROK has initiated a 3rd third-party evaluator to prepare an update of the post-acquisition enterprise reserves as of March 31, 2022. This is expected to be released at the end of April 2022.
Summary of reservations
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Tables presented have valued reserves at forecasted benchmark crude oil prices and costs |
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The inflation rate is 0% in 2022, 3% per year in 2023 and 2% per year from 2024 |
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Estimated undiscounted future development costs, in dollars, as of December 31, 2021 were C$8.9 million for proved reserves and C$18.1 million for proved plus probable reserves |
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Well abandonment and reclamation costs of C$3.0 million for the proven and probable case have been included in this report and include the abandonment and reclamation costs of all existing wells and future affected by reserves |
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Net present values disclosed may not represent fair market value. |
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Totals may not add up exactly due to rounding. |
About ROK
ROK is primarily engaged in the exploration of oil and natural gas development activities in Alberta and Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and the common shares of ROK are traded on the Exchange under the symbol “ROK”.
For more information, please contact:
Cameron Taylor, President and CEO
Jared Lukomski, Senior Vice President, Lands and Business Development
Phone: (306) 522-0011
Email: info@rokresources.ca
Boe’s disclosure
The term barrels of oil equivalent (“boeh“) can be misleading, particularly when used in isolation. A boe conversion rate of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalent is based on a conversion method of energy equivalence primarily applicable at the peak burner and does not represent a value equivalence at the wellhead.All boe conversions in the report are derived from the conversion of gas to oil in the six thousand ratio mix cubic feet of gas per barrel of oil.
Disclosure of reservations
All reservations information contained in this press release has been prepared by GLJ Ltd. (“GLJ“), beginning December 31, 2021, using prices and costs predicted by reserves evaluators as of January 1, 2021 in accordance with National Instrument 51-101 Oil and Gas Disclosure (“National Instrument 51-101“) and the Canadian Oil and Gas Valuation Manual (the “COGE Manual“). All references to reserves in this press release are “gross reserves of the company”. Gross reserves of the company are the total working interest reserves of the company before deduction of any royalties payable by the company and before consideration of the Company’s royalty interests. It should not be assumed that the present value of the estimated future cash flows of the net revenues presented here represents the fair market value of the reserves. There can be no assurance that the price and expected costs will be achieved, and variances could be material Recovery and Reserve Estimates of Republic of Korea’s crude oil, NGL and natural gas reserves provided herein are estimates only and there can be no assurance that the reserves will be recovered Actual reserves of crude oil, natural gas and NGLs may be greater or less than the estimates provided herein. nt document. Estimates of future reserves and net revenues for individual properties may not reflect the same level of confidence as estimates of future reserves and net revenues for all properties, due to aggregation effects.
Abbreviations
bbls/d barrels per day
barrels boe of oil equivalent
boe/d barrel of oil equivalent per day
NGL Natural Gas Liquids
Mboe Thousand barrels of oil equivalent
Mboe Million barrels of oil equivalent
PDP Proven Developed Production
Total proven reserves TP
TPP Total proven and probable reserves
International Financial Reporting Standards IFRS issued by the International Accounting Standards Board
WTI West Texas Intermediate, the benchmark price paid in US dollars at Cushing, Oklahoma for standard-grade crude oil
Caution Regarding Forward-Looking Information
This press release contains certain “forward-looking statements” under applicable Canadian securities laws 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 press release include, but are not limited to, statements regarding the Company’s objectives, goals or future plans with respect to the pursuit of objectives and expectations regarding the expected results of those -this. Forward-looking statements are necessarily based on various estimates and assumptions which, although believed to be reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially. of those expressed or implied by such forward-looking statements. research statements. These factors include, but are not limited to, general business, economic and social uncertainties; litigation, legislative, environmental and other legal, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; such additional risks set forth in ROK’s public filings on SEDAR at www.sedar.com; and other matters discussed in this press release. Although the Company believes that the assumptions and factors used in the preparation of forward-looking statements are reasonable, undue reliance should not be placed on such statements, which speak only as of the date of this press release, and no no assurance can be given that such statements of events will occur within the time periods disclosed or at all. Except as required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the Bourse nor its Regulation Services Provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this release.
THE SOURCE: ROK Resources Inc.
See the source version on accesswire.com:
https://www.accesswire.com/694594/ROK-Resources-Announces-2021-Year-End-Reserves-Results
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