Record Resources Completes Sale of Non-Core Assets at Lake Temiskaming as Company Prioritizes Gabon Oil Assets
CALGARY, Alberta, June 17, 2026 (GLOBE NEWSWIRE) -- Record Resources Inc. (TSXV: REC) reports that it has sold the non-hydrocarbon and non-hydrogen rights on an optioned property at Lake Temiskaming, Ontario, reflecting the Company's continued prioritization of its Gabonese oil and gas assets, focused on the Ngulu block, which covers 1,214 Km2 (equivalent to 54 Gulf of Mexico blocks) and is strategically located on trend to several sizable producing oil fields and includes the Loba oil field discovery and over 28 seismically identified high impact prospects in the Pre-salt Gamba / Dentale and Post-salt plays.
RJK Explorations (RJK), Kirkland Lake, Ontario, has acquired from Record Resources the rights to diamonds, precious and base metals found on the company’s Lorrain-Bucke property located at Lake Timiskaming, Ontario. Record entered into an option agreement to acquire Lorrain-Bucke from private exploration companies at the beginning of 2025 (see January 14, 2025 news release). The properties are considered prospective for hosting white hydrogen.
This transaction is all part of company’s plan to divest its non-core assets and is consistent with its strategy of unlocking value from its mining properties and hydrogen assets.
Record will maintain 100% of the rights to any hydrogen or hydrocarbons found by work completed by RJK or its affiliates. RJK will hold no royalty on hydrogen or hydrocarbon discoveries following the transaction.
With RJK, Record will own a 1% gross over-riding royalty (GOOR) interest on the discovery of any diamond-bearing kimberlite pipes with a buy-back of 0.5% for $500,000 to RJK. After the purchase from Record, RJK will then have a 100% interest (subject to, the underlying Vendors Royalty and the GOOR Royalty in favour of Record) to the discovery of any diamond, precious and base-metals found on these claim blocks.
According to the terms of the 2025 agreement, Record Resources has an option agreement to acquire 100% ownership of five claim blocks at Lake Timiskaming by making cash payments and a share allocation. The shares have been paid and two cash payments remain outstanding.
Regarding the cash payments due, RJK will make one cash payment to the vendors of $23,000 in February 2027. Record will make the final cash payment of $23,000 in February 2028. There is an underlying 2% Royalty to Diamond, Precious and Base-Metals production, with regards to these lands in favour of the original vendors.
As well, RJK will complete on behalf of Record approximately $52,000 in work commitments on the claims. The total value of the transaction is approximately $75.000 in favour of Record Resources. The transaction with RJK was concluded on June 8, 2026.
Overview of Hydrogen Properties Maintained 100% by Record:
Lorrain-Bucke Natural Hydrogen Property
The Lorrain-Bucke natural hydrogen property is strategically located between major rift faults in the Lake Temiskaming Graben structure, a tectonic feature recognized for its potential to host deep mantle-derived volatile-rich sources, including hydrogen. Hydrogen anomalies were identified at Lorrain-Bucke during the winter of 2025.
Paradis Bay Natural Hydrogen Property
The Paradis Bay natural hydrogen 27 claims are located five kilometres west of the town of Ville Marie, Quebec. The claims are located along the eastward dipping Lake Timiskaming West Shore Fault system. In this area the sedimentary and volcanic formations dip westward and potentially create structural and hydrological conditions that can trap the accumulation of gases that contain hydrogen. The discovery of natural hydrogen gas seeps in the Lake Timiskaming area located on the border of Ontario and Quebec. Lake Timiskaming is located on the eastern boundary of a rift zone approximately 50 kilometres wide bounded by a series of northwest-southeast trending faults.
Beauchamp Natural Hydrogen Property
The Beauchamp natural hydrogen property, consisting of 300 claims, is situated on a broad northwesterly-trending Lake Timiskaming Rift zone, split by the Cross Lake Fault and extending northward to touch the western margin of the Lake Timiskaming Westshore fault. Exploration for hydrogen-bearing gas pools have yet to be undertaken on the Beauchamp property. Record is assessing further options to unlock value for shareholders on these hydrogen assets in 2026 while moving forward with its business plan in Gabon, Africa, following the significant acquisition of the Ngulu oil and gas block.
About Record Resources:
Record Resources is an E&P company advancing high impact oil and gas plays with large-in-place resources and scaleability. The company is a carried partner in a newly formed consortium developing oil and gas projects in Central Gabon’s Ngulu Block, a mature yet under-explored hydrocarbon base. Record also holds an interest in natural hydrogen exploration assets in Ontario, Canada, offsetting recent discoveries.
For more information please contact:
Michael Judson, Chairman & CEO
Record Resources Inc.
Robert Kramberger, VP Capital Markets
Record Resources Inc.
rkramberger@recordresourcesinc.com
T. +1 514-758-8080
Website: recordresourcesinc.com
LinkedIn: https://www.linkedin.com/company/record-ressources
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains forward-looking statements and/or forward-looking information (collectively, "forward-looking statements") that are based on Record Resources’Record Resources' current expectations, estimates, forecasts and projections. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements and include statements regarding management's expectation anticipated production timeline, the 28 mapped prospects; management's exploration and development plans; and all other expectations, intentions, and plans that are not historical fact.
Forward‐looking statements are based on a number of material factors, expectations, or assumptions of Record Resources which have been used to develop such statements and information but which may prove to be incorrect. Although Record Resources believes that the expectations reflected in such forward‐looking statements are reasonable, undue reliance should not be placed on forward‐looking statements because Record Resources can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Record Resources will continue to conduct its operations in a manner consistent with past operations; the quality of the reservoirs in which Record Resources operates; the timely development of infrastructure in areas of new production; certain cost assumptions; continued availability of equity financing to fund Record Resources’ current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Record Resources operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Record Resources to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of Record Resources to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of facility construction and expansion and the ability of Record Resources to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Record Resources operates; and the ability of Record Resources to successfully market its oil and natural gas products.
The forward‐looking information included in this news release are not guarantees of future performance and should not be unduly relied upon.
There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements.. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Record Resources. The forward-looking information contained in this release is made as of the date hereof and Record Resources undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The forward‐looking information and statements contained in this news release speak only as of the date of this news release, and Record Resources does not assume any obligation to publicly update or revise any of the included forward‐looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
| Abbreviations | |
| bbl | barrels of oil |
| bbl/d | barrels of oil per day |
| MM | millions |
| MMbbl | millions of barrels of oil |
| boe | barrel of oil equivalent |
| boepd | barrel of oil equivalent per day |
| bopd | barrel of oil per day |
| MMboe | million barrels of oil equivalent |
| km2 | square kilometres |
A barrel of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Analogous Information
Certain information in this document may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI-51-101 "), including but not limited to, information relating to the reservoirs in geographical proximity to lands that are held (or to be held) by Record Resources. Such information has been obtained from government sources, regulatory agencies or other industry participants. Record Resources believes the information is relevant as it helps to define the reservoir characteristics in which Record Resources may hold (or acquire) an interest. Record Resources is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor. Such information is not an estimate of the reserves or resources (or production levels) attributable to lands held or potentially to be held by Record Resources and there is no certainty that the reservoir data and economics information for the lands held or potentially to be held by Record Resources will be similar to the information presented herein. The reader is cautioned that the data relied upon by Record Resources may be in error and/or may not be analogous to such lands to be held by Record Resources.
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