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. 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 transaction's completion, detailed in the company's January 5, 2026 announcement, marks a pivotal shift in corporate strategy, redirecting capital from mature Canadian assets to frontier exploration in Southeast Asia. This reallocation is intended to leverage the company's technical expertise in a region with underexplored hydrocarbon and mineral potential, aiming to establish first-mover advantages in Cambodia's emerging resource sector.
The financial restructuring achieved through this sale strengthens the company's balance sheet by converting a leveraged asset into debt-free capital, enhancing its ability to fund high-impact exploration without the burden of previous liabilities. The overwhelming shareholder support, with over 99% approval, reflects investor confidence in this strategic pivot toward projects that could define Cambodia's domestic energy and mining future. The focus on Block VIII and mineral licenses represents a concentrated effort to build a diversified resource portfolio in a single jurisdiction, potentially streamlining operations and maximizing geopolitical and logistical synergies. The progression from seismic interpretation to drill planning indicates an advanced stage of exploration, moving the company closer to potentially transformative discoveries that could alter Cambodia's economic landscape and energy security profile.
