Mr. Cameron Taylor reports

ROK RESOURCES ANNOUNCES PROFORMA RESERVES AND DRILLING INVENTORY GROWTH

Rok Resources Inc. has released the results of its April 1, 2023, independent reserves evaluation, which was conducted by McDaniel & Associates 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 -- Standards for Disclosure of Oil and Gas Activities. The reserve volumes are inclusive of the company's recent divestitures and acquisitions and represent corporate reserve volumes as of April 1, 2023.

Reserves highlights

Rok's evaluation is highlighted by the addition of 3.2 million boe (barrels of oil equivalent) of proved oil and gas reserves (1P) to a total of 13 million boe, a 34-per-cent increase when compared with Dec. 31, 2022. The company also added 5.4 million boe of proved plus probable oil and gas reserves (2P) to a total of 21.5 million boe, a 35-per-cent increase compared with Dec. 31, 2022. Rok has achieved this reserve growth while simultaneously reducing net debt from $35.4-million at year-end 2022 to an estimated $10-million at April 1, 2023.

• 1P oil and gas reserves of 13,016,000 boe and net present value of 1P reserves discounted at 10 per cent of $135.2-million;
• 2P oil and gas reserves of 21,552,000 boe and net present value of 2P reserves discounted at 10 per cent of $257.8-million;
• Total 1P NAV of 59 cents/basic share and 2P NAV of $1.17/basic share, up 25 per cent and 35 per cent, respectively, from year-end 2022, despite a an approximate 30-per-cent drop in 2023 AECO pricing and approximate 5-per-cent drop in 2023 WTI pricing;
• 1P RLI (reserve life index) of nine years and 2P RLI of 15 years, representing a 16-per-cent increase to both 1P and 2P RLI;
• An increase in booked locations from 58 gross to 124 gross, up 114 per cent from year-end 2022;
• Estimated future undiscounted development costs of $142-million (1P) and $194-million (2P), or $10.91 per 1P boe and $9 per 2P boe.

About Rok Resources Inc.

Rok is primarily engaged in exploring for petroleum and natural gas development activities in southeast Saskatchewan and the Kaybob South area of Alberta. It has offices located in both Regina, Sask., Canada, and Calgary, Alta., Canada.

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