Rock Energy Inc. provides a 2014 operations update and revised 2015 guidance. Rock is a Calgary-based crude oil exploration, development and production company.
On November 5, 2014 Rock provided initial guidance for 2015 which included a capital spending program of $90 million generating average production of 5,400 boepd, assuming WTI would average $81.25 US/bbl for the year. Given the current level of crude oil prices, Rock has reduced its capital spending in 2015 to $25 million.
Strategically, Rock's 2015 business plan is directed at activities that confirm proof of concept, capture new opportunities and preserve our existing inventory. This disciplined approach is targeted to maintain a financially strong organization with a long term view to value creation. No further capital is planned to be spent on development drilling until commodity prices improve.