ROK Resources Files Financial Results and Management Discussion for Q2 2024

REGINA, SK / ACCESSWIRE / August 21, 2024 / ROK Resources Inc. ("ROK") (TSXV:ROK)(OTCQB:ROKRF) has filed its interim Financial Results and Management Discussion & Analysis for the six months ended June 30, 2024. The company utilized $5 million of funds flow for drilling 4 gross wells in Southeast Saskatchewan. Operational efforts in Q1 2024 focused on debt reduction, operational efficiencies, and advancing the lithium project.

Despite Q2 being affected by wet weather, ROK continues its drilling program with projected year-end production guidance largely unchanged. The company averaged a production of 3,937 boepd in Q2, a 19.4% YoY increase, with an operating netback of $17.87 per boe. Financially, net income for Q2 2024 was $81,503.

ROK has drilled a total of 5 gross wells in 2024, adding 280 boepd in Southeast Saskatchewan through compressor installations. The company plans to drill 7 to 9 gross wells in 2H 2024. In Kaybob, Alberta, 300 boepd remain shut-in due to weak natural gas markets, with reactivation expected by year-end.

In Q2, oil and natural gas sales reached $21.7 million. Operating expenses averaged $32.25 per boe. Capital expenditures in 1H 2024 were $8 million, lower than budgeted due to weather-related delays.