Business
ROK Resources Announces Full Repayment of its Credit Facility & Working Capital Surplus
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES REGINA, ...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"ROK Resources Announces Full Repayment of its Credit Facility & Working Capital SurplusNOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES REGINA, SK / ACCESS Newswire / May 7, 2025 / ROK Resources Inc. (\"ROK\" or the \"Company\") (TSXV:ROK)(OTCQB:ROKRF) is pleased to announce, consistent with the Company's ongoing corporate strategy to expeditiously reduce debt, the Company has unwound its crude oil swap hedges generating proceeds of $6.29 million resulting in an estimated working capital surplus of approximately $4.0 million2 at May 31st, 2025.The proceeds of the settlement of the crude oil swap hedges have been used to fully repay the Company's existing line of credit. Since 2022, the Company has retired more than $85 million of debt while increasing its base production by 38% from 2,900 boepd to 4,000 boepd at year-end 2024. The Company is working with its lender to review financing options that allow the Company to maintain flexibility.The Company will continue to manage free cash flow to further enhance its already stable balance sheet, facilitate strategic area growth when appropriate, and consider alternative ways to maximize shareholder value.Hedging UpdateThe Company's remaining natural gas swaps are as follows: Notes:Prices reported are the average price for the periodBased on a WTI forecast price of US$60 per barrelAbout ROKROK is primarily engaged in petroleum and natural gas exploration and development activities in Alberta and Saskatchewan. It has offices located in both Regina, Saskatchewan, Canada and Calgary, Alberta, Canada. ROK's common shares are traded on the TSX Venture Exchange under the trading symbol \"ROK\".For further information, please contact:Bryden Wright, President and Chief Executive OfficerJared Lukomski, Senior Vice President, Land & Business DevelopmentPhone: (306) 522-0011Email: [email protected]: www.rokresources.caConversion MeasuresProduction volumes and reserves are commonly expressed on a barrel of oil equivalent (\"boe\") basis whereby natural gas volumes are converted at the ratio of 6 thousand cubic feet (\"Mcf\") to 1 barrel of oil (\"bbl\"). Although the intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants, boe's may be misleading,...