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
2023 Corporate Reserves
The Company is pleased to announce the results of its independent reserves evaluation. The evaluation for the Company as at
About ROK
ROK is primarily engaged in exploring for petroleum and natural gas development activities in
By way of update, the National Instrument 43-101 Preliminary Economic Assessment, previously outlined in the Company's
Contact:
Chief Financial 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 International Financial Reporting 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. 'Net Debt' includes all indebtedness of the Company, such as the Credit Facility and Lease Obligations (each as defined within the Company's interim condensed financial statements for the nine months ended
'Funds Flow' includes all cash from (used in) operating activities and is calculated before the change in non-cash working capital. 'Funds Flow Basic ($/share)' and 'Funds Flow Diluted ($/share)' are calculated by dividing Funds Flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding, respectively, for the relevant period. These are considered key measures of operating performance and capital management as they demonstrate the Company's ability to generate the cash necessary to repay debt and fund capital investments. Management believes that by excluding the temporary impact of changes in non-cash operating working capital, each of these provide useful measures of ROK's ability to generate cash that are not subject to short-term movements in non-cash operating working capital.
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