NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
REGINA, SK / ACCESSWIRE / March 17, 2022 / ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) is pleased to announce that it has entered into an oil and gas swap structure hedge of approximately 925,326 bbls and 2,453,362 Mmbtu for the period of April 2022 through March 2024. This volume represents approximately 75% of the Company's current production base. The weighted average swap prices over the 24 month period is US$93.61/bbl WTI and US$4.09/Mmbtu Natural Gas1, respectively.
The hedge is required as part of the Senior Loan Facility as defined in the press release dated March 7, 2022.
Month | WTI Quantity (bbls) | WTI ($USD) | Natural Gas Quantity (Mmbtu) | Natural Gas Price ($USD) |
Apr-22 | 44,798 | $ 117.96 | 114,037 | $ 4.44 |
May-22 | 45,498 | $ 113.70 | 116,581 | $ 4.47 |
Jun-22 | 43,308 | $ 109.08 | 111,630 | $ 4.52 |
Jul-22 | 44,046 | $ 105.15 | 114,146 | $ 4.57 |
Aug-22 | 43,343 | $ 102.31 | 112,946 | $ 4.58 |
Sep-22 | 41,328 | $ 99.83 | 108,182 | $ 4.56 |
Oct-22 | 42,099 | $ 98.00 | 110,653 | $ 4.58 |
Nov-22 | 40,178 | $ 96.45 | 106,006 | $ 4.66 |
Dec-22 | 40,954 | $ 94.91 | 108,447 | $ 4.82 |
Jan-23 | 40,343 | $ 92.55 | 107,356 | $ 4.92 |
Feb-23 | 35,793 | $ 91.46 | 95,909 | $ 4.75 |
Mar-23 | 39,155 | $ 90.40 | 105,187 | $ 4.32 |
Apr-23 | 37,350 | $ 89.47 | 100,812 | $ 3.40 |
May-23 | 38,141 | $ 88.44 | 103,175 | $ 3.31 |
Jun-23 | 36,395 | $ 87.37 | 98,734 | $ 3.35 |
Jul-23 | 37,156 | $ 86.44 | 100,342 | $ 3.39 |
Aug-23 | 36,592 | $ 85.57 | 98,233 | $ 3.41 |
Sep-23 | 35,027 | $ 84.68 | 94,176 | $ 3.40 |
Oct-23 | 35,808 | $ 83.92 | 96,354 | $ 3.43 |
Nov-23 | 34,173 | $ 83.14 | 92,390 | $ 3.54 |
Dec-23 | 34,933 | $ 82.29 | 94,598 | $ 3.76 |
Jan-24 | 34,229 | $ 80.50 | 91,640 | $ 3.92 |
Feb-24 | 31,415 | $ 79.81 | 83,427 | $ 3.80 |
Mar-24 | 33,264 | $ 78.83 | 88,401 | $ 3.51 |
Notes
- Natural Gas contracts are swaps on Henry Hub, shown in $USD. The Company has also secured a swap on the AECO basis for the same term.
About ROK
ROK is primarily engaged in exploring for petroleum and natural gas development activities in Alberta and Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and ROK's common shares are traded on the Exchange under the trading symbol "ROK".
For further information, please contact:
Cameron Taylor, Chairman and CEO
Jared Lukomski, Senior Vice President, Land & Business Development
Phone: (306) 522-0011
Email: [email protected]
Abbreviations
bbls/d barrels per day
bbls barrels
boe barrels of oil equivalent
boe/d barrels oil equivalent per day
NGLs Natural Gas Liquids
Mboe Thousands of barrels of oil equivalent
MMboe Millions of barrels of oil equivalent
Mmbtu Million British thermal unit
PDP Proved Developed Producing
TP Total Proved Reserves
TPP Total Proved and Probable Reserves
IFRS International Financial Reporting Standards as issued by the International Accounting Standards Board
WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade
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 with respect to pursuing the objectives and the expectations regarding 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.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
SOURCE: ROK Resources Inc.