Record Resources Inc. (TSXV: REC) announced on November 2, 2026, that it has appointed Research Capital Corporation as its exclusive financial advisor to explore strategic and financial alternatives aimed at maximising shareholder value. The move follows unsolicited expressions of interest from multiple parties regarding the company's assets. Options under consideration include a sale of its working interest in the Ngulu block in Gabon, acquisitions of international energy assets, or a spin-out of its natural hydrogen and gold properties. Investors may be watching closely given the board's stated view that REC shares are undervalued relative to its asset portfolio.

Key Points

  • Record Resources Inc. (TSXV: REC) is a Calgary-based exploration and production company with oil, natural hydrogen, and gold assets
  • The company has appointed Research Capital Corporation as exclusive financial advisor to evaluate strategic alternatives driven by unsolicited third-party interest
  • REC holds a 20% working interest in the 1,214 km² Ngulu block offshore Gabon; mean contingent resources at the Loba oil discovery were previously estimated at 11.9 MMbbls
  • Investors should watch for outcomes from the strategic review process, including any transaction announcements involving Ngulu or the company's Canadian assets

Record Resources Launches Strategic Review of Ngulu Block and Canadian Asset Portfolio

Record Resources confirmed it will evaluate a broad range of alternatives that may include a sale of its Ngulu working interest, acquisitions of international energy assets, or a spin-out of its natural hydrogen and gold properties. The board and management stated their belief that the company's shares are undervalued given its asset portfolio. Research Capital Corporation has been named exclusive financial advisor to guide the process. The company did not disclose a timeline for completing the review or any valuation expectations associated with the alternatives being considered.

Ngulu Block Carries Record Through First Well With No Cash Call Obligation

Under its joint venture agreement, Record holds a 20% working interest in the Ngulu block, with its Strategic Partner holding 55%, Gabon Oil Company holding 15%, and the Republic of Gabon holding a carried 10% interest. Notably, Record is financially carried through the entry into the block, seismic data acquisition and reprocessing, and the drilling of the first well to total depth — meaning the company will not face a cash call until after that first well is completed. The block covers 1,214 km², equivalent to 54 Gulf of Mexico blocks, in shallow water offshore central Gabon.

Loba Oil Discovery and 28 Identified Prospects Underpin Ngulu Upside Case

The Loba oil discovery recorded 140 metres of gross oil column and 70 metres of net pay in the Batanga Formation. Mean contingent resources were previously estimated by a prior operator at 11.9 MMbbls, with Loba Deep and Loba East each carrying mean prospective resources of 11 MMbbls. Approximately 28 prospects have been identified on vintage 3D seismic data, with estimated sizes ranging from 35 MMboe to 250 MMboe per prospect. The company notes that seismic reprocessing work and an independent third-party resource report are currently in progress.

Natural Hydrogen and Gold Properties Round Out Record's Canadian Asset Base

Beyond Gabon, Record holds three natural hydrogen exploration properties in the Lake Timiskaming area of Ontario and Quebec — Lorrain-Bucke, Paradis Bay, and Beauchamp — as well as two 100%-owned gold exploration properties in Ontario. The Amikougami gold property sits 4,000 metres from Agnico Eagle's Macassa Mine, while the Otto gold property is located approximately 2.4 kilometres southwest of the Otto Lake discovery location. The release states these assets may be candidates for a spin-out transaction as part of the ongoing strategic alternatives review.