Angkor Resources Provides Five-Month Income Summary for Evesham Project
Grande Prairie, May 30, 2024 - Angkor Resources Corp. (TSXV: ANK) and (OTCQB: ANKOF) ("ANGKOR" or the "Company") announces its subsidiary, EnerCam Exploration Ltd. ("EnerCam") has received income reporting and deposits for five months of production from the Evesham project (the "Project"). The fifth month, March 2024 resulted in a net income of $90,070 to EnerCam, the highest so far in an encouraging trend since inception of November 1, 2023. EnerCam holds a 40% interest in the Project and Eyehill Creek Exploration Ltd. ("Eyehill") and a third party holds the remaining 60%. Mike Weeks, President of EnerCam, commented on the earnings proceeds for March 2024 production, "We are very pleased that the trend of monthly income is increasing. During March, we also undertook additional expenditures over $52,000 for workovers on several wells so the net income of $90,070 is very positive for March earnings. With improved price differentials and completed waterflood, we look to increase earnings and reduce costs gradually."
Figure 1 Graph Illustrating Monthly Returns
*** December 2023 production was lower due to additional property tax expenditures for the entire year plus legal costs for closing the transaction, so December earnings reflects this."
The Company began pursuing carbon credits for the capture of greenhouse gases on this project in late 2023 and is continuing through that process for certification and liquidation of the credits. Analysis of the gas captured indicated that 98% of the gases were methanes and 2% was CO2.
The Company is pursuing negotiations with surrounding producers to capture the flare gas to further reduce emissions and increase capacity at the gas capture facility. Once agreement is reached with surrounding producers, the installation of pipelines to connect these producers would be started in the fall, after the affected farmers have completed their harvest.
ABOUT ANGKOR RESOURCES CORPORATION:
Angkor Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer working towards mineral and energy solutions across Canada and Cambodia. Angkor's carbon capture and gas conservation project in Saskatchewan, Canada is part of its long-term commitment to Environmental and Social projects and cleaner energy solutions across expanding jurisdictions. The company holds three mineral exploration licenses in Cambodia, Andong Meas license and Oyadao North license in Ratanakiri Province and Andong Bor license straddling Oudar Meanchey and Banteay Meanchey Provinces. Angkor's subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometers in the southwest quadrant of Cambodia.
CONTACT: Delayne Weeks - CEO
Email: info@angkorresources.com Website: angkorresources.com
Telephone: +1 (780) 831-8722
Please follow @AngkorResources on LinkedIn, Facebook, Twitter, Instagram and YouTube.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.?
The information in this press release contains certain forward-looking statements, including within the meaning of applicable securities laws. These statements relate to future events or our future intentions or performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "continue", "demonstrate", "expect", "may", "can", "will", "believe", "would" and similar expressions and include statements relating to, among other things, Angkor's position, strategy and development plans and the benefits to be derived therefrom; the Corporation's anticipated annual production growth and annual capital spending for the next three years; that the focus of the Corporation's development activities during the remainder of 2023; expectations of when the transaction is completed; the anticipated focus of Angkor's operations in 2024; the Corporation's anticipated 2024 average production; and the Corporation's expectations that it will continue to deliver clean, reliable, sustainable energy, contributing to a reduction in global emissions by displacing high-carbon fuels. Angkor's actual decisions, activities, results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Angkor will derive from them.
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