Angkor Resources Corp. has completed the sale of its 40% participating interest in the Evesham Macklin oil and gas lands in Saskatchewan, receiving all final payments and closing the transaction that received conditional approval from the TSX Venture Exchange. The company's wholly-owned subsidiary, EnerCam Exploration Ltd., entered into the Agreement of Purchase and Sale with 2196231 Alberta Ltd. for a purchase price of $4,800,000, as previously announced in the company's January 5, 2026 announcement. All payments under the agreement have been received and deposited, including a $250,000 non-refundable deposit paid on December 19, 2025, a $375,000 payment on January 30, 2026, the balance of a $3,800,000 loan applied to the purchase price on closing, and a final $375,000 payment received on March 1, 2026.
The strategic sale removed $3,800,000 in debt from the company's books and provided $1,000,000 in net proceeds, with shareholder approval obtained at the January 29, 2026 Annual General and Special Meeting where over 99% of votes cast were in favor. CEO Delayne Weeks stated that the transaction eliminates the debt and provides additional working capital, allowing the company to focus resources on advancing its Cambodian onshore Block VIII oil and gas project and mineral exploration programs. Weeks emphasized that discovering oil and gas in Cambodia as a new jurisdiction represents significant potential for growth and value creation for shareholders, noting it could bring energy independence to the nation, reduce hydrocarbon energy imports, and develop new skills and employment opportunities.
The company's Cambodian energy subsidiary, EnerCam Resources, holds an onshore oil and gas license covering over 4,095 square kilometers in Block VIII, where it has completed seismic work in 2025, identified multiple drill targets, and is advancing an Environmental Impact Assessment and drilling plans for Cambodia's first onshore oil and gas exploratory wells. Angkor Resources' mineral subsidiary, Angkor Gold Corp., holds two mineral exploration licenses in Cambodia with copper and gold prospects, both in their first two-year renewal term. The completion of this transaction marks a pivotal shift in the company's strategy, redirecting capital and operational focus from mature Canadian assets to emerging opportunities in Southeast Asia. This move not only strengthens the company's financial position by clearing substantial debt but also positions it to capitalize on the untapped potential of Cambodia's natural resources, which could have transformative effects on both the company's growth trajectory and the regional economy.
The implications of this announcement extend beyond corporate restructuring, as successful exploration in Cambodia could reduce the country's reliance on energy imports and stimulate local employment and skill development. For investors, the debt elimination and renewed focus on high-potential projects in a new jurisdiction may enhance long-term value, while the overwhelming shareholder support underscores confidence in this strategic direction. The transaction's closure, following TSX Venture Exchange approval, ensures regulatory compliance and finalizes the financial benefits, with the $1 million in net proceeds immediately available to fund ongoing and future exploration activities. As Angkor Resources pivots its efforts toward Cambodia, the success of its Block VIII oil and gas project and mineral exploration programs will be critical in realizing the growth and value creation highlighted by CEO Weeks, potentially establishing the company as a key player in Cambodia's emerging energy and mining sectors.
