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by Mike Caswell

Rok Resources Inc., a junior oil and gas producer listed on the TSX Venture Exchange, has filed a lawsuit in the Supreme Court of British Columbia over its $72-million acquisition of petroleum assets in Alberta and Saskatchewan in 2022. The company claims that part of the deal is being held up by Canadian Natural Resources Ltd., which is a third party to the transaction. According to the suit, Canadian Natural has refused to consent to Rok's acquisition of the rights, contrary to its "duty of good faith performance."

The allegations are contained in a notice of claim that Rok filed at the Vancouver courthouse on Friday, March 22. The suit arises from the company's acquisition of the petroleum and natural gas rights of an entity called Federated Co-Operatives Ltd. in 2022. At the time, Rok touted the assets as including production of 2,962 barrels of oil equivalent per day, which would produce annualized net operating income of $40-million.

The problem, as set out in the suit, arises from past agreements covering some of the assets. According to Rok, the deal included 31 contracts to which Canadian Natural Resources was a party. Starting in March, 2022, Rok Resources received letters from Canadian Natural stating that it had "concerns relating to ROK's ability to meet future financial obligations" associated with the properties.

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