ROK Resources (ROK) Update - Dec 15

[dan_s]

I have posted my updated forecast and profile on ROK to the EPG website.

This Canadian Junior will exit 2023 with ~4,300 Boepd of production, up from 3,297 Boepd in the 2nd quarter. Production declined from Q1 to Q2 because they made the strategic decision to sell some non-core assets when oil prices were higher, using the sales proceeds to PAY OFF ALL OF THEIR SENIOR DEBT.

This Small-Cap has a lot of Running Room.

Operations Update

In Q3 2023 the Company successfully drilled and completed 6 gross (5.9 net) wells in Southeast Saskatchewan,
consisting of 3 gross (2.9 net) Frobisher horizontal wells and 3 gross (2.98 net) Midale horizontal wells. The Company
had the 8th best performing Mississippian oil well in Saskatchewan for Q3 2023 with monthly volume of 6,962 bbls
and an IP30 of 232 bbls/d.

In Q4 2023 the Company has drilled 3 gross (3 net) Frobisher horizontal wells in Southeast Saskatchewan and 1
gross (0.30 net) Gething gas well in Kaybob Alberta. In December, the Company will drill 2 gross (1.45 net) wells,
both unbooked horizontal Frobisher locations in core operating areas.

Current corporate production is approximately 4,000 Boepd with 2 gross (2 net) Midale horizontal wells in "cleanup" period post-frac, plus an additional 6 gross (4.75 net) wells forecasted to be on-stream no later than Q1 2024. < Early in 2024, ROK's production should set an all-time high of more than 4,500 Boepd. Two years earlier, in Q1 2022 ROK's production was ~200 Boepd.