Angkor Resources’ Annual Reserve Report 51-101f1 ON Saskatchewan Oil & Gas Project States Increased Proved and Probable Reserves
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ANGKOR RESOURCES’ ANNUAL RESERVE REPORT 51-101f1 ON
SASKATCHEWAN OIL & GAS PROJECT STATES
INCREASED PROVED AND PROBABLE RESERVES
GRANDE PRAIRIE, ALBERTA ( May 12, 2025): ANGKOR RESOURCES CORP. (TSXV: ANK) (“ ANGKOR” OR “THE
COMPANY”) announces the filing of its Form 51 -101F1 indicating an increase in its oil and gas reserves and Net
Present Value on the Evesham project in Saskatchewan . The Company’s Canadian energy subsidiary, EnerCam
Exploration Ltd. Co. Ltd. (“EnerCam”) holds a 40% interest in the project and as part of regulatory requirements,
files an annual report on the reserves and future net revenues.
The independent report, prepared by qualified reserves evaluator GLJ Ltd. (GLJ) in accordance with the Canadian
standards set out in the Canadian Oil and Gas Evaluation Handbook (“COGEH”) and National Instrument 51-101 (NI
51-101), Standards of Disclosure for Oil and Gas Activities, identified that using a 10% discount factor, the summary
of Proved plus Probable Reserves for the Company’s 40% interest was $8.3 million CAD on a before tax basis as of
July 31, 2024. The Company acquired the interest on November 1, 2023 for $4.4 million CAD.
The table shown below was part of the filing Form 151-101F1 and included in the Reserves Report by GLJ:
SUMMARY OF NET PRESENT VALUES AND FUTURE NET REVENUE
31-Jul-24
N et Present V alue of F uture N et R evenue N et Present V alue of F uture N et R evenue
U nit V alue
B efore
B efore I ncome T axes D iscounted (% ) A fter Income T axes Discounted (%) Income T ax
0% 5% 8% 10% 15% 20% 0% 5% 8% 10% 15% 20% Discounted
10%/yr
M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ $/boe $/Mcfe
PROVED
Developed Producing
4,379 3915 3,666 3,515 3,183 2,909 3,149 2,846 2,675 2,569 2,334 2,138 24.36 4.06
Dev. Non-Producing
77 76 74 73 69 65 51 52 52 51 49 46 22.36 3.73
Undeveloped
4,188 3052 2,549 2,271 1,727 1,338 3,045 2,223 1,852 1,646 1,241 952 21.43 3.57
TOTAL PROVED
8,644 7063 6,289 5,858 4,978 4,312 6,244 5,121 4,579 4,267 3,625 3,136 23.11 3.85
TOTAL PROBABLE
5,281 3506 2,821 2,468 1,829 1,414 3,848 2,565 2,065 1,806 1,338 1,034 23.43 3.9
TOTAL PROVED
PLUS PROBABLE
13,925 10549 9,110 8,326 6,807 5,726 10,092 7,686 6,644 6,073 4,963 4,170 23.2 3.87
N otes: U nit v alues are based on N et Company R eserv es.
CEO Delayne Weeks commented on the Reserves repor t, “Of course, we are very pleased with the indepen dent
report and the work undertaken to increase the potential oil reserves. This follows the testing during the eight-
month period that illustrated increased water injection could build long-term enhanced oil recovery! Although this
will require additional investment as we add more injection wells, the cumulative oil recovery over the longer term
gives us additional potential revenue and extends the longevity of the entire Project.”
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The original acquisition on November 1, 202 3, included 30 wells, plus pipelines, a gas processing facility , a water
truck, field trucks and one disposal well to accommodate production fluids . Over the following eight months, a
second disposal well was established as high production water levels created excess water within the operating field.
The added water injection resulted in oil production increasing in the nearby oil wells, presumably as the
underground sweep efficiency improved as a result of refilling voided water channels and exploiting new pathways
as the water was injected. Following that test water injection well, the Operator, Eyehill Creek Exploration Ltd.
(Eyehill), prepared a comprehensive application and plan for Enhanced Oil Recovery , submitted it to the
Saskatchewan Ministry of Energy & Resources (SMER), and received approval in April 2024.
That submission included an application to:
- Convert up to 13 of the lower-producing wells within the field to water injection over the next several years
(currently four injection wells are in place).
- Add s upplemental water injection from producers outside of the Evesham project, contributing their
production water beyond what is currently being removed from the Sparky formation in terms of total fluids
on a daily basis.
As of the July 31, 2024 year end of EnerCam, there were 21 oil producing wells. The previous operators opened up
the field with drilling and production in 2004, producing a peak of 458 barrels of oil per day. The entire field was
shut-in in 2018 due to low productivity ad poor operating netbacks and production and returned to the SMER. During
the span of 14 years up to 2018, over 30 million barrels of liquids were removed from the field without any
replacement of fluids. This practice is thought to have contributed to the sharp drop off in production.
Since Eyehill took over the project from SMER in 2021, Eyehill has been increasing daily water injection with over 650
barrels per day injected over and above what is removed daily. Increasing the pressure slowly and gradually has
improved the efficiency of the field and oil recovery since November 2023.
The following table, filed as a component of the Form 51 -101F1, summarizes the Company’s 40% interest of the oil
and gas reserves as of July 31, 2024 based on forecast price and cost assumptions.
ANGKOR RESOURCES CORP.
SUMMARY OF RESERVES
July 31, 2024
Oil Sales G as Oil E quivalent (2)
Co. M bbl WI Mb b l Net M bbl C o . MMc f
WI
MMc f
Ne t
MMc f
Co
MBOE
WI
MBOE
Ne t
MBOE
Proved Producing 150 150 143 9 9 8 152 152 144
Proved Developed Non Producing 3 3 3 0 0 0 3 3 3
Proved Undeveloped 112 112 105 9 9 8 113 113 106
T otal Proved 265 265 251 18 18 17 268 268 253
T otal Probable 113 113 104 8 8 7 115 115 105
T otal Proved plus Probable 379 379 355 26 26 24 383 383 359
(1) T here are no amounts for light & medium oil, tight oil, shale gas, coal bed methane, and natural gas liquids.
(2) Oil Equivalent based on 6:1 M cfbbl Gas 1:1 bbl bbl L iquids
The Reserve Data presents a summary of the heavy oil and solution gas liquids of the Company, and the net present
values of the future net revenue of these reserves, using forecast prices and costs as of July 31, 2024. The Reserves
have been made assuming t he development of e ach property in respect of which the estimate is made will occur,
without regard to the likely availability to the Company of funding required for the development.
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As well, for the purpose of determining whether reserves should be attributed to a particular undrilled property,
reasonably estimated future abandonment and reclamation costs related to the property have been taken into
account.
The Company will be completing these reports on an annual basis with yearend financials.
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 jurisdictions. The company’s mineral subsidiary, Angkor Gold Corp. in
Cambodia holds three mineral exploration licenses in Cambodi a and its Cambodian energy subsidiary, EnerCam
Resources, was granted an onshore oil and gas license of 3729 square kilometers in the southwest quadrant of
Cambodia called Block VIII. 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: [email protected] 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 o f 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.