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ROK Resources Releases Florence Property Reserves Update
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 Resources Releases Florence Property Reserves UpdateNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATESREGINA, SK / ACCESSWIRE / October 14, 2021 / ROK Resources Inc. (\"ROK\" or the \"Company\") (TSXV:ROK) is pleased to announce the completion of an independent reserves evaluation of its recently acquired Florence Asset, effective August 31st, 2021, in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and in accordance with the Canadian Oil and Gas Evaluation Handbook (the \"Florence Property Report\").The Florence Property Report does not include the Company's existing corporate reserve base at Glen Ewen, which was evaluated at December 31st, 2020 by GLJ and press released on February 24th, 2021.Florence Property ReportThe Florence Property Report, prepared by Sproule Associates Limited (\"Sproule\"), evaluated assets in Southeast Saskatchewan (the \"Florence Asset\") that ROK acquired effective April 1st, 2021 for cash consideration of $4.0 million plus 4,250,000 ROK Class B Common Shares. The net present value of net future revenues, (net of royalties, operating costs, and capital expenditures, including asset retirement obligations) before income tax, discounted at 10% (\"NPV 10%\") of the total proved plus probable reserves is estimated at $16.2 million, or $0.22 per outstanding basic share.Summary of Gross Oil and Gas Reserves and Net Present Value of Revenue:Before Income Taxes as of August 31, 2021 - Forecast Prices and Costs NPV 10%($ million)NPV per Boe1$ / boeProved Developed Producing$1.94$22.83Total Proved$7.22$20.46Proved Plus Probable$16.18$22.88Florence Property Report used Sproule price forecast effective August 31, 2021Summary of Florence Property Report Gross Oil and Gas Reserves: Light & Medium OilNaturalGasNatural Gas LiquidsTotal BoeRESERVES CATEGORYMbblMMcfMbblMboeProved Developed Producing71.6416.584.9Proved Non- Producing0000Proved Undeveloped227.312419.9267.8Total Proved298.916426.5352.8Probable300.516526.5354.6Proved Plus Probable599.532953707.3Natural Gas: 6.0 Mcf/boeQualified PersonThe technical content of this news release has been reviewed and approved by Bryden Wright, P. Eng., a qualified person for the purpose of National Instrument 41-101.About ROKROK is primarily engaged in exploring for petroleum and natu...