ROK Resources Files Financial Results for the First Quarter of 2022

Source: 5/31/2022, Location: North America

ROK Resources Inc. has filed its interim Financial Results and Management Discussion & Analysis for the three months ended March 31, 2022.

Financial Statements

Highlights include:
• In Q1 2022, the Company realized production volume of 84,647 boe, resulting in crude and natural gas sales of $8,121,878 and operating income of $4,988,689 after royalties and operating expenses. This equates to an operating netback per boe of $58.93 and an operating income profit margin of 61.4%.
• In March 2022, the Company successfully closed the acquisition (the "FCL Acquisition") of certain oil & gas assets in Saskatchewan and Alberta from Federated Co-operatives Limited and its wholly-owned subsidiary, 2214896 Alberta Ltd. ("FCL"). Total consideration paid for the FCL Acquisition was approximately $71.7 million, prior to a preliminary purchase price adjustment of $9.6 million in favor of the Company. The FCL Acquisition was funded through a combination of proceeds from the Prospectus Offering and the Senior Loan Facility (see below).
• In March 2022, the Company completed a bought deal public offering (the "Prospectus Offering) for a total gross proceeds of $17.3 million, whereby 95,834,100 units of the Company were issued at a price of $0.18 per unit. Each unit consisted of one Class B Share in the capital of the Company and one purchase warrant. Each purchase warrant is exercisable for one Class B Share at an exercise price of $0.25 per purchase warrant for a period of three years.
• In March 2022, the Company entered into a senior secured loan facility with Anvil Channel Energy Solutions ("ACES") for an aggregate principal amount of $65 million (the "Senior Loan Facility"), denominated as $51.35 million US dollars. The Senior Loan Facility bears interest at a rate of US prime interest rate + 8.00% and will amortize over a four-year period, with monthly combined payments of principal and interest.

Under the terms of the Senior Loan Facility, the Company also granted an overriding royalty to ACES on the future oil and natural gas production from the existing oil and gas assets of the Company. The overriding royalty will be 2.5% of oil and natural gas production until the maturity date of the loan facility, and 1.5% thereafter.

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