Mr. Cameron Taylor reports

ROK RESOURCES PROVIDES AN UPDATE ON DRILLING PROGRAM AND APPOINTMENT OF PRESIDENT

Rok Resources Inc. has provided an operations update for phase one of its southeast Saskatchewan drilling program, consisting of five gross (4.9 net) operated wells. The company will initiate the second phase of its drilling program in early October, which will include five gross (4.42 net) operated wells in southeast Saskatchewan and one gross (0.3 net) non-operated well in Kaybob, Alta.

The company remains focused on increasing free cash flow through organic growth and the development of its vast light oil resources in Saskatchewan and Alberta. The company will report the results of the second phase of its drilling program as it becomes available in Q4 2023.

Operational highlights

• Phase one drilling program complete: Successfully drilled five gross (4.9 net) operated wells in southeast Saskatchewan, targeting Mississippian light oil with 100-per-cent success rate.
• Production of 3,900 boepd (barrels of oil equivalent per day): Current estimated field production of 3,900 boepd (65-per-cent oil and NGLs (natural gas liquids)), which represents an increase of 18 per cent compared with Q2 2023 average of 3,297 boepd. This does not include 200 boepd (80-per-cent natural gas) at Kaybob, Alta., which is currently down on gas plant turnaround and expected to be on stream in early October. Nor does this figure include two wells, as described herein, that are awaiting tie-in. The company continues to target a 2023 exit production rate of 4,500 boepd.
• Two wells awaiting complete and tie-in: Of the five gross wells drilled, only three gross wells are currently on stream, with the remaining two gross wells expected to be on production within the next couple of weeks.
• Type curve economics: On average, the three new gross wells are on trend to exceed IP30 type curves by approximately 30 per cent.
• Capital expenditures: Estimated capital expenditures of $13-million, which puts the company in line with 2023 budget guidance of $30-million.
• Net debt: The company remains in line with estimated 2023 exit net debt of $16-million to $17-million, before inclusion of any mark-to-market fair value of any existing company hedge positions.

New production volumes from the phase one drilling program remain unhedged and will receive market commodity pricing through the balance of 2023.

Appointment of president

The company is pleased to announce that Bryden Wright, currently the chief operating officer, has been appointed to the role of president and chief operating officer. Mr. Wright, a senior executive with the company since inception, will continue to oversee the day-to-day operations of the company and report to chairman and chief executive officer, Cameron Taylor.

"With 16 years of industry experience Mr. Wright has established himself as a leader in the Western Canadian basin. Rok will continue to rely upon Mr. Wright and his team to guide responsible economic growth and deliver on our long-term strategy to bring value to all stakeholders," said Cameron Taylor, chairman and chief executive officer of Rok.

Lithium update

The company, as a 25-per-cent shareholder and manager of technical operations of Hub City Lithium Corp., anticipates the release of the preliminary economic assessment (PEA) in mid-Q4 2023. The company, along with its partners at EMP Metals Inc., is continuing to work with targeted direct lithium extraction and downstream refining providers to position Hub City Lithium as an industry leader in the emerging lithium brine industry.

Securities marketing agreement

The company announces that it has entered into a securities marketing agreement with Phil Heinrich for a three-month term. The company will pay Mr. Heinrich a total of $5,000 per month during the term of the agreement. Mr. Heinrich will provide securities marketing services with the objective of increasing the company's reach within the investment community. There are no performance factors contained within the agreement. Mr. Heinrich and the company are unrelated and unaffiliated. However, Mr. Heinrich and/or his clients may have an interest, directly or indirectly, in the securities of the company.

About Rok Resources Inc.

Rok is primarily engaged in exploring for petroleum and natural gas development activities within the Canadian provinces of Alberta and Saskatchewan. It has offices located in both Regina, Sask., and Calgary, Alta. Rok's common shares are traded on the TSX Venture Exchange under the trading symbol ROK.

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