ROK Resources Announces Q3 2024 Financial Results

ROK Resources Inc. reported its financial and operational performance for the third quarter of 2024, highlighted by significant developments in its drilling program and strategic asset sales. The company successfully drilled two wells in Saskatchewan, exceeding internal production expectations with an IP30 of 240 boepd for one well.

A key financial move was the sale of a non-core asset for $4 million, reducing ROK's adjusted net debt by 24% to an estimated $12.6 million at year-end. This transaction was pivotal in improving their cash flow ratio, positioning the company favorably for upcoming drilling projects targeting the Frobisher and Midale formations.

Financially, ROK reported a net income of $10 million for Q3 2024, a substantial improvement from the loss incurred in Q3 2023. Funds from operations rose to $7.9 million, supported by effective cost management, including a 10% reduction in operating expenses compared to the previous year.