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 totaling $4.8 million. The transaction, which received conditional approval from the TSX Venture Exchange, was executed through the company's wholly-owned subsidiary EnerCam Exploration Ltd. with purchaser 2196231 Alberta Ltd.
The strategic disposition removes $3.8 million in debt from the company's books and provides $1 million in net proceeds. Shareholders overwhelmingly approved the transaction at the Annual General and Special Meeting held on January 29, 2026, with over 99% of votes cast in favor. The company previously announced the definitive agreement on January 5, 2026, as detailed in their release ANGKOR RESOURCES SIGNS DEFINITIVE AGREEMENT TO SELL EVESHAM OIL PRODUCTION - Angkor Resources Corp.
CEO Delayne Weeks stated that the successful closing allows the company to focus resources on advancing its Cambodian onshore Block VIII oil and gas project and mineral exploration programs. "Discovering oil and gas in Cambodia as a new jurisdiction is a country changer," Weeks explained. "It brings energy independence to the entire nation, significantly reduces the imports of hydrocarbon based energy, and develops a very significant sector of new skillset development and employment opportunities."
The company's Cambodian energy subsidiary, EnerCam Resources, holds an onshore oil and gas license covering just over 4,095 square kilometers in Block VIII. After completing seismic work in 2025, the company has identified multiple drill targets and is advancing environmental assessments and drilling plans for Cambodia's first onshore oil and gas exploratory wells. The mineral exploration subsidiary, Angkor Gold Corp., holds two exploration licenses in Cambodia with copper and gold prospects.
This transaction represents a strategic shift for Angkor Resources as it redirects capital from mature Canadian assets to higher-potential Cambodian projects. The elimination of substantial debt improves the company's financial position while the net proceeds provide working capital for exploration activities. The move aligns with the company's stated mission to prove Cambodia as an oil and gas producing nation, which could have transformative effects on the country's economy and energy security.
The importance of this development extends beyond corporate strategy to potential national implications for Cambodia. Successful energy exploration could reduce the nation's dependence on energy imports while creating new employment opportunities and developing local expertise in the energy sector. For investors, the transaction represents a calculated reallocation of resources toward projects the company identifies as having the highest potential for growth and value creation.
