ANK:CC - Angkor Resources Provides Five-Month Income Summary for Evesham Project
(TheNewswire)
Grande Prairie, Alberta – TheNewswire - May 30, 2024 - ANGKOR RESOURCES CORP.(TSXV: ANK ) and ( OTCQB: ANKOF) (“ANGKOR ” or the “Company”) announces its subsidiary, EnerCam Exploration Ltd. (“EnerCam”) has receivedincome reporting and deposits for five months of production from theEvesham project (the “Project”). The fifth month, March 2024resulted in a net income of $90,070 to EnerCam, the highest so far inan encouraging trend since inception of November 1, 2023. EnerCamholds 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 theearnings proceeds for March 2024 production, “We are very pleasedthat the trend of monthly income is increasing. During March, wealso undertook additional expenditures over $52,000 for workovers onseveral wells so the net income of $90,070 is very positive for Marchearnings. With improved price differentials and completedwaterflood, we look to increase earnings and reduce costsgradually.”
Figure 1 Graph Illustrating MonthlyReturns
*** December 2023 production was lower due toadditional property tax expenditures for the entire year plus legalcosts for closing the transaction, so December earnings reflectsthis.”
The Company began pursuing carbon credits for thecapture of greenhouse gases on this project in late 2023 and iscontinuing through that process for certification and liquidation ofthe credits. Analysis of the gas captured indicated that 98% of thegases were methanes and 2% was CO 2 .
The Company is pursuing negotiations with surroundingproducers to capture the flare gas to further reduce emissions andincrease capacity at the gas capture facility. Once agreement isreached with surrounding producers, the installation of pipelines toconnect these producers would be started in the fall, after theaffected farmers have completed their harvest.
ABOUT ANGKOR RESOURCESCORPORATION:
Angkor Resources Corp. is a publiccompany, listed on the TSX-Venture Exchange, and is a leading resourceoptimizer working towards mineral and energy solutions across Canadaand Cambodia. Angkor’s carbon capture and gas conservation projectin Saskatchewan, Canada is part of its long-term commitment toEnvironmental and Social projects and cleaner energy solutions acrossexpanding jurisdictions. The company holds three mineral exploration licenses inCambodia, Andong Meas license and Oyadao North license in RatanakiriProvince and Andong Bor license straddling Oudar Meanchey and BanteayMeanchey Provinces. Angkor’s subsidiary, EnerCam Resources, was granted anonshore oil and gas license of 7300 square kilometers in the southwestquadrant of Cambodia.
CONTACT: DelayneWeeks - CEO
Email: info@angkorresources.com Website: angkorresources.com
Telephone: +1 (780)831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
The information in this pressrelease contains certain forward-looking statements, including withinthe meaning of applicable securities laws. These statements relate tofuture events or our future intentions or performance. All statementsother than statements of historical fact may be forward-lookingstatements. 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 andinclude statements relating to, among other things, Angkor’sposition, strategy and development plans and the benefits to bederived therefrom; theCorporation’s anticipated annual production growth and annualcapital spending for the next three years; that the focus of theCorporation’s development activities during the remainder of 2023;expectations of when the transaction is completed; the anticipatedfocus of Angkor’s operations in 2024; the Corporation’santicipated 2024 average production; and the Corporation’sexpectations that it will continue to deliver clean, reliable,sustainable energy, contributing to a reduction in global emissions bydisplacing high-carbon fuels. Angkor’s actual decisions, activities,results, performance or achievement could differ materially from thoseexpressed in, or implied by, such forward-looking statements andaccordingly, no assurances can be given that any of the eventsanticipated by the forward-looking statements will transpire or occuror, if any of them do, what benefits that Angkor will derive fromthem.
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