First-Half 2024 Revised Guidance
With the recent stability of WTI pricing, the Company anticipates commencing its drilling program after spring break-up in late Q2 2024. Key initiatives for 2024 include reducing corporate finding and development costs and expanding core operating areas in
The Company intends to provide second-half 2024 guidance in late Q2 2024.
Highlights of Revised First-Half 2024 Guidance
Stability in WTI: Company will increase its capital budget in first-half 2024 to
2023 Financial and Operating Highlights
Record Average Production: Daily average production in 2023 of 3,876 boepd (62% liquids), a 40% increase compared to prior year;
Organically Increased Production by 55%: In second-half 2023 the Company drilled 13 gross (11.6 net) wells, adding 1,650 boepd, which represents a 55% increase in production over the period;
Exceeded 2023 Funds from Operations Forecast: Funds from Operations of
Net Debt: The Company exited 2023 with Net Debt of
About ROK
ROK is primarily engaged in exploring for petroleum and natural gas development activities in
Contact:
Chairman and Chief Executive Officer
Tel: (306) 522-0011
Email: investor@rokresources.ca
Web: www.rokresources.ca
Non-IFRS Measures
The non-IFRS measures referred to above do not have any standardized meaning prescribed by IFRS Accounting Standards ('IFRS') and, therefore, may not be comparable to similar measures used by other companies. Management uses this non-IFRS measurement to provide its shareholders and investors with a measurement of the Company's financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.
'Operating Income' is calculated by deducting royalties and operating expense from total sales revenue. Total sales revenue is comprised of oil and gas sales. The Company refers to Operating Income expressed per unit of production as an 'Operating Netback'. 'Operating Income Profit Margin' is calculated by the Company as Operating Income as a percentage of oil and natural gas sales. 'Funds from Operations' is calculated by adding other income and realized gains/losses on commodity contracts ('hedging') to Operating Income.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's objectives, goals, or future plans and the expected results thereof. Forward-looking statements are necessarily based on several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include but are not limited to general business, economic and social uncertainties; litigation, legislative, environmental, and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ROK's public documents filed on SEDAR at www.sedar.com and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because of new information, future events, or otherwise.
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