Record Resources Inc

09/30/2026

News Release: Record Resources Expects To Complete Seismic Reprocessing and Resource Report by Year End

September 30, 2026 - Record Resources reports 3D seismic reprocessing and a resource report on its 20 percent-owned Ngulu oil block in Gabon to be completed by year-end.

As disclosed in Consortium Partner, Reconnaissance Energy Africa Ltd. (September 28, 2026 news release): “The 3D seismic reprocessing program is utilizing the most current state-of-the art reprocessing technology. The reprocessing project is expected to be completed before year end, concurrently a resource report will be commissioned and appraisal well locations to the Loba oil discovery will be selected. Well planning has commenced for an anticipated spud.”

As reported by Reconnaissance Energy Africa Ltd., the 3D seismic reprocessing technology includes DUG’s Full Waveform Inversion (MP-FWI) to help illuminate oil bearing reservoirs within the Loba discovery and the vast salt related exploration inventory mapped by the previous operator on the concession.

Prior to 1995, previous operators would only have been able to utilize 2D seismic for geophysical surveys. While 2D was a vast improvement over gravity and magnetic surveys, it was not nearly as effective at guiding and determining drilling locations as 3D seismic. From this point of view, the Ngulu Block remains relatively unexplored.

The consortium is exploring the Ngulu block, which covers 1,214 Km2 and is equivalent to 54 Gulf of Mexico blocks, is in shallow water offshore central Gabon. This strategic block is located on trend to several sizable producing oil fields. The key aspects of the Ngulu Block include the Loba oil field discovery and over 28 seismically identified prospects in the Pre-salt Gamba / Dentale and Post-salt plays (See figure 1 below).

Our marquee prospects on the block include Lepidote Deep (Post-salt play), the Palomite Complex including Deep (Pre-salt play) and shallow (Post Salt) prospects and the Pompano complex with both postsalt and subsalt prospects.

The Loba discovery was made by Elf-Gabon’s LOM-1 well, which targeted the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27o API gravity oil) in the Batanga Formation with 140 metres of gross oil column (70 metres net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Ablette.

The Loba oil discovery was made in 60 metres of water depth and is approximately 10 kilometres from the Barbier field existing infrastructure, operated by international oil company Perenco. Management believes that low-cost options are available for the development of the Loba Complex, which include the initial Loba oil discovery and follow-on appraisal targets at Loba Deep and Loba East.

The Loba complex, has potential production of ~20,000 Bbl/d based on offset fields. Wells in analogous fields have shown Initial production rates ("IP rates") up to 7,600 Bbl/d of oil with a single completion. These analogous wells are located within 40 km from the Loba Oil Complex and are in the same targeted reservoir.

08/10/2026

New Proactive Investors Article: Record Resources CEO on Gabon's Ngulu project: patience, partnerships and the pursuit of scale — by Angela Harmantas

To read full article click:

August 10, 2026: New Proactive Investors Article: Record Resources CEO on Gabon’s Ngulu project: patience, partnerships and the pursuit of scale – By Angela Harmantas, Proactive Investors(Click Image to view full article) June, 2026: Proactive Investors Feature Article – Record Resources Inc. ...

08/10/2026

New Article on Record Resources (TSXV-REC): 'Record Resources CEO on Gabon's Ngulu project: patience, partnerships and the pursuit of scale' — by Angela Harmantas, Proactive Investors

07/07/2026

Recent geopolitical events have reinforced the importance of energy security, prompting countries to prioritize resilient, long-term energy supply. As governments focus on strengthening supply chains, exploration is becoming a strategic priority.

After years of underinvestment, large-scale resource opportunities may prove increasingly valuable in securing future energy supply while supporting the energy transition. (Record Resources Inc. TSXV-REC)

07/02/2026

After more than a decade of underinvestment in exploration, the gap between future demand and future supply is becoming increasingly difficult to ignore.

Closing the discovery gap will be critical to securing tomorrow's energy supply. (TSXV-REC)

06/17/2026

Record Resources Completes Sale of Non-Core Assets at Lake Temiskaming as Company Prioritizes Gabon Oil Assets

June 17, 2026 – 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.

06/02/2026

New Video: Record Resources (TSXV-REC) COO Alain Mizelle joined Steve Darling from Proactive to provide an update on the company’s offshore oil development plans in Gabon, highlighting encouraging geological and geophysical studies that suggest the first production well at the Loba oil discovery could deliver initial production rates exceeding 5,000 barrels of oil per day.

Record Resources COO Alain Mizelle joined Steve Darling from Proact...

06/01/2026

Record Announces that a Single Loba Well Could Produce 5,000 bbl/d in Gabon; Paving the Way for 20,000 bbl/d Development

June 1, 2026 – Record Resources Inc. (TSXV: REC) reports that further geological and geophysical study of the Loba oil discovery and nearby analogue fields in Gabon is suggesting that a first oil well there could produce 5,000 barrels of oil per day (bbl/d).

In 2017, Alain Mizelle, President & COO, Record Resources Inc., identified the nearby Barbier Southwest as an attractive oil field development candidate, which is adjacent to Record’s Ngulu block. Barbier Southwest was recently brought into production and is operated by Perenco, Paris, France.

Record’s planned Loba Marine 2 well is expected to flow at a rate above 5,000 barrels per day (bbl/d) assuming it is equipped with frac-pack and an ESP pump. This projection is partly based on the performance from the Batanga reservoir at the Barbier Southwest field, the same reservoir that Record is targeting.

The Loba field complex, as a whole, has the potential to produce ~20,000 bbl/d (1)(2)(3)(4) based on offset fields from multi-well development program. Wells in analogous fields have shown Initial production rates ("IP rates") up to 7,600 Bbl/d of oil with a single completion (1)(2)(3)(4). These analogous wells are located within 40 km from the Loba Oil Complex and are in the same targeted Batanga reservoir (See figure 1 below).

As previously disclosed, the Loba Field was discovered by Elf-Gabon with its LOM-1 well drilled in 60 metres of water targeting the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27o API gravity oil) in the Batanga reservoir with 140 metres of gross oil column (70 metres net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Grondin.

The Loba field complex includes the Loba oil discovery at the Batanga reservoir level, the Loba Deep prospect at the Anguille and the Loba East Batanga prospect on the Eastern side of the salt dome.

Mean contingent resources at the Loba oil discovery were estimated by the previous operator at 11.9MMbbls, whereas the Loba Deep and Loba East carried respective mean prospective resources of 11 MMbbls each.

Under the deal signed with its strategic partner and Operator of the Ngulu block, Record Resources is fully carried financially through the first phase of exploration/appraisal expenditures including all seismic reprocessing activities and the drilling of the first well on the block to total depth. As such the Company will not be cash-called until after the first well is drilled to its total depth.

For more details, please visit Record Resources’ website at https://recordresourcesinc.com/.

Grondin Field. AAPG Memoir Giant Oil and Gas Fields of the Decade: 1968-1978 / Geology of Grondin Field. Peak field production report at Grondin ~25,000 Bbls/d. We are unable to confirm if the reports were prepared by a qualified independent reserves evaluator or auditor or in accordance with the COGE handbook.

Baudroie field, Nguma Moabi TCM report 17, May 2006. Initial production 1972. Total production reported at 42,000 bbl/d. IPs up to 7,600 BBls/d.

Torpille field, operator Societe des Petroles d'Afrique Equatoriale Francaise (Total Energies), 1972 report. Total field production reported as 25,000 BBls/d. �
We are unable confirm if the reports were prepared by a qualified reserves evaluator or auditor or in accordance with the COGE handbook. �

About Record Resources:�Record Resources is an E&P company advancing overlooked energy plays. 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 in Ontario, Canada.�

Website: https://recordresourcesinc.com

Figure 1:

05/15/2026

04/07/2026

Record Resources Receives Key 3D-Seismic Dataset and Commences Reprocessing Project for Selection of Drilling Location on Existing Loba Oil Discovery and Mapping of Over 28 Identified High Impact Marquee Prospects Across the Ngulu Block in Gabon, Africa

April 7, 2026 – Record Resources Inc. (TSXV: REC) (“Record Resources” or the “Company”) is pleased to announce that it has received from the Directorate General of Hydrocarbons (DGH) of the Ministry of Petroleum and Gas of Gabon all sets of government owned legacy 3D seismic Data. This includes the 1993 vintage Mandaros 3D seismic data covering the eastern part of the Ngulu block and the 2001 vintage Moabi 3D seismic data that covers the western end of the Ngulu block. In addition to seismic data, the Contractor has received all existing well data and reports over the Ngulu block (See figure 1 below).

3D Seismic Reprocessing Project Underway
Record and its strategic partner have received these legacy datasets as part of signing of the Ngulu PSC, and as a result the partnership can move much faster in the appraisal of the Loba oil discovery and further definition of the remaining exploration potential of the Ngulu block without the need to shoot new 3D seismic, resulting in major cost savings. The global cost of shooting circa 1000Km2 of new 3D seismic today would have been in the order of US$10-$20 million. The partnership is currently reprocessing 3D seismic data over the key areas of the Ngulu block, including the Loba oil discovery. Upon completion, the Company will select an appraisal / development location on the Loba oil discovery in the second half of 2026.

New 3D seismic reprocessing algorithms have been developed recently by a number of geophysical firms These algorithms provide significantly clearer imaging of the subsurface, particularly in complex geological settings involving subsalt and presalt plays, permitting a more precise mapping and definition of leads and prospects in the Ngulu Block. The Ngulu Contractor group has retained the services of DUG Technology’s Houston office to undertake the reprocessing project, using their acoustic Multi-Parameter Full Wavefield Inversion (MP-FWI) technology, which is at the forefront of current seismic imaging technology. The legacy 1993 vintage Mandaros 3D seismic data have been successfully copied and sent to DUG Technology for reprocessing, with the project expected to last for 3 plus months. The Mandaros data covers the eastern end of the block and includes the Loba oil discovery and most of our marquee prospects in shallow water.

NGULU Block: Large Scale with Existing Oil Field Development and Inventory of High Impact Prospects Provides Significant Upside

The Ngulu block, which covers 1,214 Km2 and is equivalent to 54 Gulf of Mexico blocks, is in shallow water offshore central Gabon. This strategic block is located on trend to several sizable producing oil fields. The key aspects of the Ngulu Block include the Loba oil field discovery and over 28 seismically identified prospects in the Pre-salt Gamba / Dentale and Post-salt plays. The previous operator identified these prospects based on reprocessed 3D seismic data, but technology has evolved for the better since 2017. Our marquee prospects on the block include Lepidote Deep (Post-salt play), the Palomite Complex including Deep (Pre-salt play) and shallow (Post Salt) prospects and the Pompano complex with both postsalt and subsalt prospects.��Following 3D seismic reprocessing by DUG Technology now underway, the Ngulu Contractor group plans to undertake an exhaustive remapping and both confirmation of the existing leads/prospects and identification of additional plays and prospects. Record Resources, in conjunction with its joint venture partner, will also conduct in 2026 an independent third-party resource report to outline the size and scope of the opportunities across the block, including the contingent resources at the Loba oil discovery and prospective resources in our marquee prospects.

Loba Oil Complex: Existing Oil Development Offering Near-Term Production Potential

The Loba Field was discovered by Elf-Gabon’s LOM-1 well, which targeted the Batanga and Anguille reservoirs. The LOM-1 well discovered a shallow oil zone (27o API gravity oil) in the Batanga Formation with 140 metres of gross oil column (70 metres net pay) and is similar to nearby producing fields Barbier, Barbier Southwest and Ablette. The Loba oil discovery was made in 60 metres of water depth and is approximately 10 kilometres from the Barbier field existing infrastructure, operated by international oil company Perenco. Management believes that low-cost options are available for the development of the Loba Complex, which include the initial Loba oil discovery and follow-on appraisal targets at Loba Deep and Loba East. The Loba field complex has potential production of ~20,000 Bbl/d (1)(2)(3)(4) based on offset fields. Wells in analogous fields have shown Initial production rates ("IP rates") up to 7,600 Bbl/d of oil with a single completion (1)(2)(3)(4). These analogous wells are located within 40 km from the Loba Oil Complex and are in the same targeted reservoir.

Grondin Field. AAPG Memoir Giant Oil and Gas Fields of the Decade: 1968-1978 / Geology of Grondin Field. Peak field production at Grondin ~25,000 bbl/d.
Baudroie field, Nguma Moabi TCM report 17, May 2006. Initial production 1972. Total production reported at 42,000 bbl/d. IPs up to 7,600 BBls/d.

Torpille field, operator Societe des Petroles d'Afrique Equatoriale Francaise (Total Energies), 1972 report. Total field production reported as 25,000 BBls/d.

We are unable confirm if the reports were prepared by a qualified reserves evaluator or auditor or in accordance with the COGE handbook.

�Drilling of First Loba Oil Appraisal Well – Funded via Financial Carry by Operating Partner
Under the deal signed with its strategic partner and Operator of the Ngulu block, Record Resources is fully carried financially through the first phase of exploration/appraisal expenditures including all seismic reprocessing activities and the drilling of the first well on the block to total depth. As such the Company will not be cash-called until after the first well is drilled to its total depth.

High Impact Exploration Prospects Inventory:
Approximately 28 prospects have been delineated on vintage 3D seismic data by prior operators, with estimated sizes consistent with offsetting producing fields ranging from 35 MMboe – 250 MMboe per prospect. The application of DUG’s MP-FWI technology will allow the Company to more precisely identify and map our prospects in order to develop a drilling inventory of low-risk high-materiality exploration targets from the enhanced dataset. Marquee prospects previously identified are described below:

Lepidote Deep - Azile Channel Complex
The Lepidote Deep prospect (Post-salt) has multiple stacked turbidite channels that can be tested from a single well targeting an estimated 800 metres of gross interval of stacked sands. An initial Lepidote 1 well was drilled in the 1970’s on sparse 2D seismic data with the well encountering strong oil shows but was not drilled deep enough to pe*****te the deeper prospective intervals. The Lepidote Deep prospect benefits from its proximity to established infrastructure with available capacity, supporting a potential cost-effective development project.

Palomite Complex
The Palomite complex provides exposure to test multiple prospective horizons in the post, Sub-salt and Pre-salt with a single well. The Palomite Post-salt Cluster targets stacked reservoirs in the Batanga, Anguille and Cape Lopez reservoirs, while the Palomite Pre-salt Cluster targets the Gamba and Dentale reservoirs in an optimal position from a reservoir and source rock maturity and charge standpoint. The old 3D seismic dataset provided inadequate imaging at the Pre-salt level, however, the application of DUG’s MP-FWI technology is expected to significantly enhance imaging and materially improve structural interpretation.

Pompano Dentex Complex
The Pompano Dentex Complex has multiple stacked channel systems within three main targets, Batanga, Lower Anguille and Cap Lopez. Similar to the above Palomite Complex, the application of DUG’s MP-FWI technology is expected to significantly enhance imaging and materially improve structural understanding and interpretation.

“We are finally on our way to realising the full potential of our Ngulu block. The Operator’s selection of DUG Technology as our reprocessing service provider for the Mandaros 3D seismic demonstrates their acute knowledge of the industry and the winning formula to extract maximum value from these legacy 3D seismic datasets. We are convinced that these reprocessed data will provide a far superior image of the Loba oil field Complex discovery, allowing rapid appraisal and development to be achieved with greatly reduced risk, and finally revealing the full prospectivity and upside of the Ngulu block,” said Alain Mizelle, Record’s President and COO. “Record is on the cusp of unlocking transformational shareholder value, the months that lie ahead will unveil just that” added Michael Judson, Record’s Chairman and CEO.

Corporate Presentation
An updated corporate presentation can be accessed on Record Resources’ website at https://recordresourcesinc.com/. The corporate presentation contains detailed information related to the news release.