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ROK Announces Bolt-On Acquisition
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES RE...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"ROK Announces Bolt-On AcquisitionNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESREGINA, SK / ACCESSWIRE / April 1, 2021 / ROK Resources Inc. (\"ROK\" or the \"Company\") (TSXV:ROK) is pleased to announce that it has entered into a Purchase and Sale Agreement, dated March 26, 2021 (the \"Purchase Agreement\") to acquire certain producing oil and gas assets (the \"Assets\") in Southeastern Saskatchewan. Closing of the acquisition is expected to occur on or about April 30, 2021 with an effective date of April 1, 2021, subject to the completion of a financing transaction to provide funding to purchase the Assets, as well as the receipt of any necessary regulatory approvals, including, without limitation, any required approvals of the TSX Venture Exchange. Total consideration for the acquisition is $1,500,000 in cash and 2,000,000 Class B Common Shares of ROK.The acquisition property is located within the Company's core operating area in Southeast Saskatchewan, targeting the Midale and Frobisher formations. Current production is approximately 55 boe/d1 (90% oil and non-gas liquids). The acquired Assets also includes a non-operated interest in a central oil battery and prospective land in proximity to the Company's existing land base. The property provides additional growth potential for the Company and complements an established operating area allowing for cost effective capital development.In addition, the Company announces that it has entered into a marketing agreement dated March 17, 2021 (the \"Marketing Agreement\") with Hybrid Financial Ltd. (\"Hybrid\") out of their Toronto, Ontario office for a six month term, such term automatically extending for additional three month terms until such time as the Company provides notice to Hybrid no less than thirty days in advance that it wishes to terminate the agreement. The Company shall pay Hybrid a total of $22,500 per month during the initial term of the agreement and $15,000 per month during the renewal period(s). Hybrid will provide marketing services with the objective of increasing the Company's reach within the investment community. There are no performance factors contained in the agreement. Hybrid and the Company are unrelated and unaffiliated entities, but Hybrid and/or its clients may have an interest, directly or indirectly, in the secu...