ROK Resources Inc. ('ROK' or the 'Company') (TSXV: ROK) has filed its Annual Financial Results, Reserve Report, and Management Discussion & Analysis for the year ended December 31, 2022.

Financial and Operating Highlights

In Q4 2022, the Company realized production volume of 326,469 total boe (3,549 boe/d), resulting in crude and natural gas sales of $23.9 million and funds from operations of $14.9 million. This equates to an operating netback, after hedging, per boe of $43.87 and an operating income profit margin, after hedging, of 59.9%.

About ROK

ROK is primarily engaged in exploring for petroleum and natural gas development activities in Alberta and Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and ROK's common shares are traded on the Exchange under the trading symbol 'ROK'.

Contact:

Tel: (306) 5220011

Email: investor@rokresources.ca

The nonIFRS measures referred to above do not have any standardized meaning prescribed by International Financial Reporting Standards ('IFRS') and, therefore, may not be comparable to similar measures used by other companies. Management uses this non IFRS measurement to provide its shareholders and investors with a measurement of the Company's financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used. 'Operating Income' is calculated by deducting royalties and operating expense from total sales revenue. Total sales revenue is comprised of oil and gas sales. The Company refers to Operating Income expressed per unit of production as an 'Operating Netback'. 'Operating Income Profit Margin' is calculated by the Company as Operating Income as a percentage of oil and natural gas sales. 'Funds from Operations' is calculated by adding other income and realized gains/losses on commodity contracts ('hedging') to Operating Income. 'Net Debt' includes all indebtedness of the Company, such as the Debt Notes and the Senior Loan Facility (as defined within the Company's annual financial statements for the year ended December 31, 2022), net of Adjusted Working Capital. 'Adjusted Working Capital' is calculated as current assets less current liabilities, excluding current portion of debt as presented on the Company's statement of financial position within the Company's annual financial statements for the year ended December 31, 2022.

Funds Flow' includes all cash for (used in) operating activities and is calculated before the change in non cash working capital. 'Funds flow', 'funds flow basic ($/share)' and 'funds flow diluted ($/share)' are capital management measures and are key measures of operating performance as they demonstrate the Company's ability to generate the cash necessary to repay debt and fund capital investments. Management believes that by excluding the temporary impact of changes in non cash operating working capital, funds flow, funds flow basic ($/share) and funds flow diluted ($/share) provide useful measures of ROK's ability to generate cash that are not subject to shortterm movements in non cash operating working capital. Funds flow on a per share basis (basic and diluted) is calculated by dividing funds flow by the weighted average number of basic shares and weighted average number of diluted shares outstanding for the relevant period.

(C) 2023 Electronic News Publishing, source ENP Newswire