ANK:CC - Angkor Resources Receives First Recurring Profit from Saskatchewan Oil & Gas Production and Carbon Capture Project
(TheNewswire)
GRANDE PRAIRIE, ALBERTA – TheNewswire -- January 31, 2024 -- ANGKOR RESOURCES CORP.(TSXV:ANK ) ( OTC:ANKOF) (“ANGKOR ” or the “Company”) announces that it has received its first recurring monthly cashdistribution from its production acquisition in Evesham, Saskatchewan. Angkor and its subsidiary, EnerCam Exploration Ltd. (“EnerCam”),shared 40% of the net profit in the Project of $262,000 for the monthof November.
The revenue and subsequent equity-based share ofprofits are based on the acquisition announced on Dec. 12 th , 2023 withProject Operator Eyehill Creek Exploration Ltd. (“Eyehill”) and358140 Alberta Ltd. (“358140”) to acquire a 40% equity interest inthe Evesham/Macklin Production Project including the oil productionfrom 33 vertical wells and the Gas Capture facility and all relatedpipelines, water disposal wells, water trucking equipment, etc.
The first month under the agreement covered November1-30th, 2023 with the included sale of 7477 barrels of oil. TheCompany expects monthly summaries which are generally two months fromthe end of the operating month.
CEO Delayne Weeks comments on this first recurringrevenue for the Company, “This is a very significant milestone forAngkor as it monetizes our efforts towards cleaner energy and ongoingrevenue streams in niche markets. The end results are increasedstrength for Angkor, mitigation of our risk to market fluctuations,and cash in the accounts.”
The Project was an expansion of an original gas/carbonemission undertaking to capture the production gas emissions from the33 wells and transport them via pipeline to a collection venue fordehydration, processing and transfer to Saskatchewan’s distributorTransGas for provincial energy sales within its network. All ofthose wells were connected in 2023, preventing carbon and methaneproduction emissions within the 33-well pod. The expansion toacquire the oil production, water disposal, and trucking elements ofthe Project added cashflow and a synergy to reach out to otherproducers in the area who are currently venting or flaring theirproduction gas and looking for a solution to emissions.
Weeks added, “The concern about hydrocarbons forenergy is generally focused on emissions, so if we can capture thoseemissions, it makes a big difference across the environmentallandscape. This is a perfect example of doing that, withsubstantial capacity to expand so multiple producers can collaboratefor blanket benefits. Everybody wins – People, Planet,Profit.”
The next priority of the Project is to add up to 1.5million cubic feet per day of gas to the Project, which currently hascapacity for 3 million cubic feet per day. As well, additional oiland gas producing wells in the area now have an alternative to flaringand venting their production gas.
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 and its subsidiary, EnerCam Resources, was granted an onshoreoil 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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