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ROK Resources Files Financial Results and Management Discussion & Analysis for the Second Quarter of 2020

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

REGINA, SK / ACCESSWIRE / August 21, 2020 -ROK Resources Inc. ("ROK" or the "Company") (TSXV:ROK) announces that it has filed its interim Financial Results and Management Discussion & Analysis for the three and six months ended June 30, 2020.

Financial Statements

Highlights include:

  • In June 2020, the Company closed the acquisition of producing oil and gas properties located within the Glen Ewen area of Southeast Saskatchewan. The acquired assets also include associated facilities and land directly adjacent to the Company's existing land base within the area, as well as associated liabilities relating to future abandonment obligations on well and facility sites.

  • Subsequent to quarter end, the Company closed a private placement financing of units of the Company at a price of $0.065 per unit for total gross proceeds of $500,000. Each unit consisted of one common share of the Company and one common share purchase warrant, with each warrant exercisable at a price of $0.15 for a period of twenty-four months from the date of issuance.

$ (Canadian dollars)

June 30, 2020

June 30, 2019

Working Capital

564,404

1,301,305

Property, Plant and Equipment

3,649,205

-

Exploration and Evaluation Assets

942,340

-

Total Assets

5,216,315

1,305,166

Cash flow used in Operations (six months)

355,297

137,189

Cash flow used in Operations (three months)

177,440

103,430

Net Loss (six months)

419,462

117,538

Net Loss (three months)

242,700

58,834

Net Loss per Share, basic and diluted (six months)

0.01

0.01

Net Loss per Share, basic and diluted (three months)

0.01

0.00

Complete reports and statements are available on SEDAR at www.sedar.com and on the Company website www.rokresources.ca.

About ROK

ROK Resources Inc. (previously Petrodorado Energy Ltd.) is currently engaged in the exploration and development of petroleum and natural gas in Southeast Saskatchewan. Its head office is located in Regina, Saskatchewan, Canada and ROK's common shares are traded on the TSX Venture Exchange under the trading symbol "ROK".

For further information, please contact:

Cameron Taylor, President and CEO
Lynn Chapman, VP Finance and CFO Phone: (306) 522-0011
Email: info@rokresources.ca

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the Company's objectives, goals or future plans. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in ROK's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.

SOURCE: ROK Resources Inc.



View source version on accesswire.com:
https://www.accesswire.com/602827/ROK-Resources-Files-Financial-Results-and-Management-Discussion-Analysis-for-the-Second-Quarter-of-2020