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GRANDE PRAIRIE, Alberta - (NewMediaWire) - May 30, 2024 - TheNewswire - 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."
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 7,300 square kilometers in the southwest quadrant of Cambodia.