ROK Resources Inc. — Capital/Financing Update 2022

Mar 24, 2022

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NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES

ROK Resources Announces 2021 Year End Reserves Results

REGINA, SK / ACCESSWIRE / March 24, 2022 / ROK Resources Inc. (" ROK " or the " Company ") (TSXV:ROK) is pleased to announce the results of its December 31, 2021 independent reserves evaluation. The evaluation for the Company as at December 31, 2021 was conducted by GLJ Ltd. (“ GLJ ”) of Calgary and was conducted in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluators Handbook (“ COGEH ”) and National Instrument 51-101 - Standards for Disclosure of Oil and Gas Activities (" NI 51-101 "). Please note that all amounts are in Canadian dollars unless otherwise stated and BOPD refers to barrels of oil per day. Reserves volumes reported below are “Total Company Interest Reserves”, a classification of reserves used in the evaluation which represents production and reserves before deduction of royalties.

The reserve volumes do not include the Acquisition, as defined in the press release dated March 7, 2022, as the Acquisition was acquired subsequent to December 31, 2021. ROK has engaged a 3[rd] party evaluator to prepare a post-acquisition corporate reserves update effective March 31, 2022. This is expected to be released in late April 2022.

Summary of Reserves

• ➢ Crude oil & natural gas reserves and present values at December 31, 2021, as provided by GLJ:

• Proved oil and gas reserves (“ 1P ”) of 1,022,000 Boe and Net Present Value of proved oil and gas reserves (“ 1P ”) discounted at 10% (“ NPV10% ”) of $14,700,000

• Proved plus probable oil and gas reserves (“ 2P ”) of 2,046,000 Boe and Net Present Value of proved plus probable oil and gas reserves (“ 2P ”) discounted at 10% (“NPV10%”) of $27,963,000

Summary of Oil & Gas Reserves as of December 31, 2021

Reserves – Total Company Interest	Light and Medium Oil Mbbl	Solution Gas MMcf	Natural Gas Liquids Mbbl	Total Mboe
Proved Probable Total Proved plus Probable	780 865 1,644	625 407 1,032	138 91 229	1,022 1,024 2,046

Summary of Net Present Values as of December 31, 2021 (Before Income Tax)

Before tax Present Value(M$)	Undiscounted	5%	10%	15%
Proved Probable Total Proved plus Probable	21,795 26,486 48,281	17,693 18,241 35,934	14,700 13,264 27,963	12,477 10,061 22,539

1911 BROAD STREET, REGINA, SK S4P 1Y1 | INFO@ROKRESOURCES.CA

Price Forecast, GLJ January 1, 2021

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Year F/X WTI Cromer Medium Alberta AECO
USD/CAD USD/bbl CAD/bbl CAD/Mmbtu
2022 0.79 73.00 85.78 3.40
2023 0.79 69.01 79.84 3.10
2024 0.79 67.24 77.33 3.15
2025 0.79 68.58 78.89 3.21
2026 0.79 69.96 80.46 3.28
2027 0.79 71.35 82.07 3.34
2028 0.79 72.78 83.71 3.41
2029 0.79 74.24 85.39 3.48
2030 0.79 75.72 87.09 3.55
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Reconciliation of Total Company Reserves

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Total Light & Medium Crude Total Natural Gas Total Natural Gas Liquids BOE
Proved + Proved + Proved + Proved +
Proved Probable Probable Proved ProbableProbable Proved Probable Probable Proved Probable Probable
FACTORS Mbbl Mbbl Mbbl MMcf MMcf MMcf Mbbl Mbbl Mbbl Mboe Mboe Mboe
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FACTORS	Proved Probable Proved + Probable Mbbl Mbbl Mbbl Total Light & Medium Crude	Proved Probable Proved + Probable MMcf MMcf MMcf Total Natural Gas	Proved Probable Proved + Probable Mbbl Mbbl Mbbl Total Natural Gas Liquids	Proved Probable Proved + Probable Mboe Mboe Mboe BOE
December 31, 2020 Discoveries Extensions Infill Dirlling Improved Recovery Technical Revisions Acqusitions Dispositions Economic Factors Production December 31, 2021	505 544 1049 15 4 19 -47 -13 -60 343 329 672 -38 -38 780 865 1644	703 367 1071 -182 -73 -255 117 112 229 -13 -13 625 407 1032	120 62 182 5 1 6 27 27 54 -14 -14 138 91 229	742 667 1409 15 4 19 -72 -24 -97 390 375 764 2 2 4 -54 -54 1022 1024 2046

• 1) The tables shown have assessed reserves at forecast crude oil reference prices and costs

• 2) The inflation rate is 0% in 2022, 3% per year in 2023 and 2% per year starting in 2024

• 3) Estimated future undiscounted development costs, in dollars, at December 31, 2021 were CAD $8.9 million for proved reserves and CAD $18.1 million for proved plus probable reserves

• 4) Well abandonment and reclamation costs of CAD $3.0 million for the proved plus probable case were included in this report and include abandonment and reclamation costs for all existing and future wells assigned reserves

• 5) The net present values disclosed may not represent fair market value.

• 6) Totals may not add exactly due to rounding.

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".

1911 BROAD STREET, REGINA, SK S4P 1Y1 | INFO@ROKRESOURCES.CA

For further information, please contact:

Cameron Taylor, Chairman and CEO Jared Lukomski, Senior Vice President, Land & Business Development Phone: (306) 522-0011 Email: info@rokresources.ca

Boe Disclosure

The term barrels of oil equivalent (“ boe ”) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6 Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in the report are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

Reserve Disclosure

All reserves information in this press release was prepared by GLJ Ltd. (“ GLJ ”), effective December 31, 2021, using the reserve evaluators January 1, 2021 forecast prices and costs in accordance with National Instrument 51-101 – Standards of Disclosure of Oil and Gas Activities (“ NI 51-101 ”) and the Canadian Oil and Gas Evaluation Handbook (the “ COGE Handbook ”). All reserve references in this press release are “Company gross reserves”. Company gross reserves are the Company’s total working interest reserves before the deduction of any royalties payable by the Company and before the consideration of the Company’s royalty interests. It should not be assumed that the present worth of estimated future cash flow of net revenue presented herein represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. The recovery and reserve estimates of ROK’s crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and NGLs reserves may be greater than or less than the estimates provided herein. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

Abbreviations

bbls/d	barrels per day
boe	barrels of oil equivalent
boe/d	barrels oil equivalent per day
NGLs	Natural Gas Liquids
Mboe	Thousands of barrels of oil equivalent
MMboe	Millions of barrels of oil equivalent
PDP	Proved Developed Producing
TP	Total Proved Reserves
TPP	Total Proved and Probable Reserves
IFRS	International Financial Reporting Standards as issued by the International Accounting Standards
	Board
WTI	West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the
	crude oil standard grade

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

1911 BROAD STREET, REGINA, SK S4P 1Y1 | INFO@ROKRESOURCES.CA

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 with respect to pursuing the objectives and the expectations regarding the expected results thereof. Forward-looking statements are necessarily based on several 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 forwardlooking 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 because 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.

1911 BROAD STREET, REGINA, SK S4P 1Y1 | INFO@ROKRESOURCES.CA