Mr. Cameron Taylor reports

ROK RESOURCES ANNOUNCES RECORD PRODUCTION, 2023 YEAR-END RESERVES, AND PROVIDES FIRST-HALF 2024 GUIDANCE

Rok Resources Inc. has provided a (i) 2023 operations update highlighted by record December, 2023, daily average production of approximately 4,650 boepd (barrels of oil equivalent per day), (ii) 2023 year-end reserve and core area drilling inventory growth, and (iii) first-half 2024 guidance focused on disciplined capital allocation.

2023 Operational Highlights

Record Average Production of 4,650 boepd in December: Daily average production in December of 4,650 boepd (60% liquids), which exceeded the Company's 2023 exit production target range of 4,300 - 4,500 boepd and represents a 35% increase in production compared to December 2022 daily average;

Organically Increased Production by Over 50% in 6-Months: Following two asset transactions, previously announced on January 24, 2023 and March 23, 2023, the Company grew from 2,950 boepd to 4,650 boepd in 6-months;

Core Area Drilling Inventory Growth: Added 10 proved drilling locations in core operating areas in Southeast Saskatchewan after successful Frobisher results across multiple fields;

Drilled the #1 Daily Average Oil Well in Saskatchewan in December: The Company's 6-25 Glen Ewen Frobisher well averaged 392 bopd11 in the month of December;

Operating Cost Reduction: With a focus on operational efficiencies in Q4 2023, the Company reduced total operating cost per boe by approximately 20% compared to Q3 2023, resulting in operating costs below $30/boe in Q4 2023;Exceeded Q4 2024 Funds from Operations forecast: Estimated10 Funds from Operations of $10 million in Q4 2023, exceeding the Company's forecast by 16% despite weaker commodity pricing;

Net Debt: The Company will exit 2023 with an estimated10 Net Debt of $14.5 million (or Adjusted Net Debt of $18.5 million). This represents a 59%, or $20.8 million, reduction in Net Debt year over year; and

Commitment to ESG: The Company increased its original asset retirement obligation budget and invested approximately $2.3 million to reduce environmental liabilities which represents 10% of its estimated inactive asset retirement obligation.

2023 Corporate Reserves

The Company is pleased to announce the results of its independent reserves evaluation. The evaluation for the Company as at December 31, 2023 was conducted by McDaniel & Associates ("McDaniel") 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 ("NI 51-101").

Reserves Evaluation Highlights

Proved oil and gas reserves ("1P") of 13,399 Mboe and Net Present Value of 1P reserves discounted at 10% ("NPV10") of $129.8 million;

Proved plus probable oil and gas reserves ("2P") of 21,054 Mboe and Net Present Value of 2P reserves discounted at 10% of $237.5 million;

Total 1P Basic NAV8 of $0.53/share and 2P Basic NAV8 of $1.02/share, a YoY increase of 12% and 17%, respectively, and excludes any value attributed to the Company's current hedges, undeveloped land, and lithium prospect;

Total 1P Diluted NAV9 of $0.33/share and 2P Diluted NAV9 of $0.63/share, a YoY increase of 15% and 22%, respectively, and excludes any value attributed to the Company's current hedges, undeveloped land, and lithium prospect;

Finding, Development and Acquisition ("FD&A")7 costs, including changes in Future Development Capital ("FDC")3, of:

1P: $13.69/boe2P: $11.20/boe

Finding and Development ("F&D")7 costs, including changes in Future Development Capital ("FDC")3, of:

PDP: $22.24/boe1P: $25.82/boe2P: $42.98/boe

With an estimated10 2023 average Operating Netback of $24.37/boe, inclusive of hedge gain, finding, development and acquisition recycle ratios of:

1P: 1.782P: 2.18

First-Half 2024 Guidance

With the current softening of the North American oil and natural gas markets, the Company will utilize the first six months of 2024 to focus on: (i) debt reduction, (ii) improving operational efficiencies, (iii) strategic well reactivations and optimizations, and (iv) advancement of the lithium project. The 1H 2024 capital budget is comprised of $4.0 - $4.5 million, approximately 60% of which is dedicated to well reactivations and recompletions in core operating areas in Southeast Saskatchewan.

The Company will provide second half 2024 guidance in the second quarter of 2024. Subject to a less volatile commodity price environment, the second half of 2024 is expected to include an active drilling program aimed at expediting growth and reducing F&D costs in core operating areas, with a continued emphasis on Frobisher drilling. Strategic Midale development may also occur, however pressure maintenance will become a focus in the Company's more mature Midale pools. Within the Kaybob area, the Company will remain positioned to deploy capital on its Cardium oil and Montney gas development, should economics justify an investment.

Highlights of First-Half 2024 Guidance

Capital Discipline: After an active 2H 2023, achieving a daily average production rate in December of 4,650 boepd, the Company will pursue a reduced capital budget in 1H 2024 and expects to average ~4,000 boepd (61% liquids);

Expedited Debt Reduction: Direct generated funds towards further debt reduction with an estimated $13 - $15 million in Adjusted Net Debt at the end of first-half 2024, which represents a 20% - 30% reduction from estimated10 2023 exit Adjusted Net Debt; and

Efficient Use of Capital: $2.1 to $2.6 million allocated to 15 - 20 reactivations and recompletions, which is expected to yield capital efficiencies of $5,000 to $10,000 per boepd.

About ROK

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

By way of update, the National Instrument 43-101 Preliminary Economic Assessment, previously outlined in the Company's January 9th, 2024 press release, has been filed on SEDAR+ (www.sedarplus.ca).

We seek Safe Harbor.