Angkor Resources Earns Record Net Revenue of $128,000 for July

2024-10-02 / @thenewswire

(TheNewswire)

GRANDE PRAIRIE, ALBERTA (October 2, 2024) - TheNewswire: ANGKOR RESOURCES CORP. (TSXV: ANK) (“ANGKOR”) announces its record monthly earnings in net revenue for July 2024 generated by its subsidiary, EnerCam Exploration Ltd. (“EnerCam”) in collaboration with its operating partner for production in Saskatchewan (the Project), Eyehill Creek Exploration Ltd. (“Eyehill”). The project continues to undertake activities to optimize benefits at the site.

EnerCam’s share of the Project’s net proceeds includes 40% of the oil and gas production sales. EnerCam has seen a gradual yet healthy increase in the funds coming from the production of hydrocarbons on the Project. The chart and table below illustrate the net returns to EnerCam on a monthly basis since the acquisition of its 40% interest in November 2023.

EnerCam Exploration Ltd.
Evesham Monthly Financial Summary July 2024
Month of Operation	July 2024	Barrels of Oil Equivalent
Gross Revenues	$ 554,340	6229
Less: royalties	- 39,624
Less: Operating Costs	- 165,225
Subtotal for Project	349,491
Subtotal for EnerCam with 40% interest	139,796
Less: Capital	- 2,700
Less: Other Truck and Trucking Costs	- 8,781
Total Net Deposit to EnerCam	$ 128,315

Mike Weeks, President of EnerCam comments, “As we gradually maximize the optimization of the entire Project, we also aim to realize financial benefits along with production benefits. Adding more capacity for water injection has proven to increase the amount of oil recovered while decreasing the trucking costs for water disposal elsewhere. The project has prepared the waterflood infrastructure for two additional well conversions to water but we don’t expect to see results until well into December of 2024. Based on the previous results, the Project increased initial production up to 40% in the adjacent wells when the water injection wells were completed.”

Ongoing work continues with the carbon capture of emission gases for assessment, verification, certification, and monetization.

ABOUT ANGKOR RESOURCES CORPORATION:

ANGKOR Resources Corp. is a public company, listed on the TSX-Venture Exchange, and is a leading resource optimizer in Cambodia 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 and its Cambodian subsidiary, EnerCam Resources, was granted an onshore oil and gas license of 7300 square kilometers in the southwest quadrant of Cambodia. Since 2022, Angkor’s Canadian subsidiary, EnerCam Exploration Ltd., has been involved in gas/carbon capture and oil and gas production in Evesham, Saskatchewan.

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. 

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to the potential for gold and/or other minerals at any of the Company’s properties, the prospective nature of any claims comprising the Company’s property interests, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals, uncertainty of sample results, timing and results of future exploration, and the availability of financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.