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ROK Resources Announces 2021 Year End Reserves Results
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES REGI...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"ROK Resources Announces 2021 Year End Reserves ResultsNOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATESREGINA, SK / ACCESSWIRE / March 24, 2022 / ROK Resources Inc. (\"ROK\" or the \"Company\") (TSXV:ROK) is pleased to announce the results of its December 31, 2021 independent reserves evaluation. The evaluation for the Company as at December 31, 2021 was conducted by GLJ Ltd. (\"GLJ\") of Calgary and was conducted in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluators Handbook (\"COGEH\") and National Instrument 51-101 - Standards for Disclosure of Oil and Gas Activities (\"NI 51-101\"). Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day. Reserves volumes reported below are \"Total Company Interest Reserves\", a classification of reserves used in the evaluation which represents production and reserves before deduction of royalties.The reserve volumes do not include the Acquisition, as defined in the press release dated March 7, 2022, as the Acquisition was acquired subsequent to December 31, 2021. ROK has engaged a 3rd party evaluator to prepare a post-acquisition corporate reserves update effective March 31, 2022. This is expected to be released in late April 2022.Summary of ReservesCrude oil & natural gas reserves and present values at December 31, 2021, as provided by GLJ:Proved oil and gas reserves (\"1P\") of 1,022,000 Boe and Net Present Value of proved oil and gas reserves (\"1P\") discounted at 10% (\"NPV10%\") of $14,700,000Proved plus probable oil and gas reserves (\"2P\") of 2,046,000 Boe and Net Present Value of proved plus probable oil and gas reserves (\"2P\") discounted at 10% (\"NPV10%\") of $27,963,0001)The tables shown have assessed reserves at forecast crude oil reference prices and costs2)The inflation rate is 0% in 2022, 3% per year in 2023 and 2% per year starting in 20243)Estimated future undiscounted development costs, in dollars, at December 31, 2021 were CAD $8.9 million for proved reserves and CAD $18.1 million for proved plus probable reserves4)Well abandonment and reclamation costs of CAD $3.0 million for the proved plus probable case were included in this report and include abandonment and reclamation costs for all existing and future wells ...