Business
ROK Resources Files Financial Results and Management Discussion & Analysis for the First Quarter of 2023
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES REGINA, S...
About this update from Rok Resources, Inc. Class B
[{"type":"text","content":"ROK Resources Files Financial Results and Management Discussion & Analysis for the First Quarter of 2023NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATESREGINA, SK / ACCESSWIRE / May 26, 2023 / ROK Resources Inc. (\"ROK\" or the \"Company\") (TSXV:ROK)(TSXV:ROK.WT)(OTCQB:ROKRF), has filed its interim Financial Results and Management Discussion and Analysis for the three months ended March 31, 2023.Financial and Operating HighlightsIn Q1 2023, the Company realized production volume of 372,570 total boe (4,140 boe/d), resulting in crude and natural gas sales of $24.1 million and funds from operations of $13.3 million. This equates to an operating netback, after hedging, per boe of $33.71 and an operating income profit margin, after hedging, of 52.0%. For Q1 2022, a gain on acquisition of $66.8 million significantly contributed to the resulting net income of $76.2 million for the quarter.Financial Q1 2023 Q1 2022 Net income 330,025 76,209,556 Basic ($/share) 0.00 0.73 Diluted ($/share) 0.00 0.69 Funds flow 11,514,733 2,379,036 Basic ($/share) 0.05 0.02 Diluted ($/share) 0.04 0.02 Expenditures on property, plant and equipment 5,445,650 46,903 Operating Operating Income Oil and Natural Gas Sales 24,137,513 8,121,878 Royalties (4,771,385) (1,289,058)Operating Expenses (9,471,536) (1,844,131)Operating Income 9,894,592 4,988,689 Realized gain on commodity contracts 2,666,447 - Processing and other income 734,731 62,475 Funds from operations 13,295,770 5,051,164 Average daily production Crude oil (bbl/d) 2,466 659 NGLs (boe/d) 401 68 Natural gas (mcf/d) 7,635 1,280 Total (boe/d) 4,140 941 Operating Netback per boe Oil and Natural Gas Sales 64.79 95.95 Royalties (12.81) (15.23)Operating Expenses (25.42) (21.79)Operating Netbacks ($/boe) 26.56 58.93 Operating Netbacks, after hedging ($/boe) 33.71 58.93 Operating Income Profit Margin 41.0% 61.4%Operating Income Profit Margin, after hedging 52.0% 61.4% Share information Common shares outstanding, end of period 212,613,817 185,861,266 Weighted average basic shares outstanding 211,916,317 104,175,483 Weighted average diluted shares outstanding 265,105,802 110,030,345 Net DebtThe continued reduction of Net Debt quarter over quarter is a result of organically generated funds flows utilized to reduce Company indebtedness. ROK uses \"Net Debt\" as a measure of the...