Record Resources
Record Resources Inc. (TSXV: REC) is a pre-revenue Canadian junior explorer holding a 20% carried working interest in Gabon's Ngulu offshore oil block plus three Ontario natural hydrogen properties, raising equity in small private placements and targeting eventual production or asset monetization.
- Company typePublic
- Founded2010
- HeadquartersSherwood Park, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Record Resources does
Record Resources Inc. (TSXV: REC) is a Calgary, Alberta-domiciled junior exploration company operating a dual-asset portfolio across two commodity verticals and two geographies. Its primary asset is a 20% working interest in the 1,214 km² Ngulu offshore block (Block C-7) in Gabon, held under a carried-interest arrangement with ReconAfrica in which the partner fully funds Phase 1 exploration, including the initial well commitment, in exchange for a 55% interest; the block contains the Loba oil discovery drilled in 1976, with management estimating roughly 20,000 barrels per day of production potential based on analog fields and proximity to Perenco infrastructure. Its secondary asset pillar, disclosed in March 2026, comprises three natural hydrogen properties (Lorrain-Bucke, Paradis Bay, and Beauchamp) in Ontario's Lake Timiskaming Rift zone, where hydrogen anomalies have been identified at Lorrain-Bucke through adjacent exploration by Quebec Innovative Materials Corporation. The company is pre-revenue, with 1–10 employees, and funds its activities through small private placements, LIFE offerings, and flow-through share issuances; the only realized cash inflow to date is approximately $75,000 from the June 2026 sale of non-core mineral rights on Lorrain-Bucke to RJK Explorations.
The company's business model is a venture-stage exploration model: it earns working interests via carried-interest or farm-down arrangements with larger operators (ReconAfrica being the anchor partner), raises equity capital in successive small private placements, and targets eventual value realization either through oil and gas production, asset sales, spinouts, or partnerships. Go-to-market is institutional-investor-led rather than product-led, relying on press releases, corporate presentations, and investor relations activities rather than a sales force. Customer segmentation is by asset: oil majors and mid-tier E&P companies as partners for the Gabon block, and AI/data center operators as the ultimate demand thesis for natural hydrogen as a clean baseload power source. Recent board additions of two former Tullow Oil executives (Robin Sutherland and Bill Torr) reflect a deliberate organizational build to execute on African E&P, and the June 2026 divestiture of non-core mining rights on Lorrain-Bucke is the clearest signal to date of capital being concentrated into the Gabon position.
Record Resources firmographics
Firmographics- Name
- Record Resources
- Legal name
- Record Resources Inc.
- Website
- https://recordgoldcorp.com
- Company type
- Public
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Record Resources Inc. (TSXV: REC) is a pre-revenue Canadian junior explorer holding a 20% carried working interest in Gabon's Ngulu offshore oil block plus three Ontario natural hydrogen properties, raising equity in small private placements and targeting eventual production or asset monetization.
- Ownership category
- akta.pro rank
Record Resources industry classification
Industry- Product category
- Oil and Gas Exploration
- NAICS
- Drilling Oil and Gas Wells (213111), Support Activities for Mining (2131), Geophysical Surveying and Mapping Services (541360)
- SIC
- Oil & Gas Field Services, Nec (1389), Oil & Gas Field Exploration Services (1382)
- akta.pro primary industry
- CO2 Gathering & Compression (for EOR/CCUS feed) (EUALACAJ)
- akta.pro secondary industry
- Direct Air Capture (DAC) Project Development (EUABABAJ)
Keywords
Where Record Resources is headquartered
LocationHeadquarters
- HQ city
- Sherwood Park
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Record Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Oil and Gas Production (Gabon): Record Resources holds a 20% working interest in the Ngulu offshore block in Gabon through a carried-interest deal with ReconAfrica. The block contains the Loba oil discovery (drilled in 1976), with management estimating production potential of ~20,000 barrels per day based on analog fields and proximity to Perenco's existing infrastructure. Revenue will be generated upon successful exploration and commercial production.
- Natural Hydrogen Exploration (Ontario): The company is assessing options for unlocking value from its three natural hydrogen properties (Lorrain-Bucke, Paradis Bay, Beauchamp) in Ontario. The company is exploring non-dilutive avenues to realize shareholder value, potentially through asset sales, partnerships, or spinouts. Natural hydrogen demand is projected to surge due to AI-driven power demand.
- Mineral Rights Divestiture: The company divests non-core mineral claims to focus on core oil and gas assets. Completed sale of non-hydrocarbon and non-hydrogen rights on its Lorrain-Bucke property to RJK Explorations for ~$75,000, retaining rights to hydrogen or hydrocarbon discoveries and a 1% gross over-riding royalty on diamond-bearing kimberlite pipe discoveries.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Record Resources product offering
Product offeringCore offering
Record Resources is a Calgary-based junior energy exploration company holding a 20% working interest in the Ngulu offshore oil and gas block in Gabon (Block C-7, 1,214 km²) through a carried-interest deal with ReconAfrica, plus three natural hydrogen exploration properties (Lorrain-Bucke, Paradis Bay, Beauchamp) in Ontario's Lake Timiskaming Rift zone. The Loba oil discovery at Ngulu has estimated production potential of approximately 20,000 barrels per day. The company raises capital via private placements to fund exploration activities.
Product overview
Record Resources Inc. (TSXV: REC) is a Calgary-based junior energy company operating a dual-asset portfolio. The company focuses on offshore oil and gas exploration through its 20% working interest in the Ngulu Block in Gabon (1,214 km²) acquired via a carried-interest deal with ReconAfrica, and natural hydrogen exploration across three properties (Lorrain-Bucke, Paradis Bay, and Beauchamp) in Ontario's Lake Timiskaming Rift zone. The company divested non-core mineral claims to RJK Explorations to concentrate on its oil and gas assets in Gabon while retaining rights to hydrogen and hydrocarbon discoveries across its Ontario properties.
Differentiator
Problem solved
Functional benefit
Products and services
- Ngulu Oil Block (Gabon) Offshore oil and gas block in Gabon spanning 1,214 km², containing the Loba oil discovery drilled in 1976. Record Resources holds a 20% working interest via a carried-interest deal with ReconAfrica, with management estimating production potential of approximately 20,000 barrels per day based on proximity to Perenco's existing infrastructure.
- Lorrain-Bucke Natural Hydrogen Property Natural hydrogen property in Lorrain-Bucke Townships, Ontario, located in the Lake Timiskaming Rift zone. Hydrogen anomalies have been identified through adjacent exploration. Record Resources retains 100% rights to any hydrogen or hydrocarbon discoveries made on the property.
- Paradis Bay Natural Hydrogen Property Natural hydrogen property in Ontario located in the Lake Timiskaming Rift zone, held by Record Resources as part of its strategy to capitalize on AI-driven power demand for natural hydrogen as an energy source.
- Beauchamp Natural Hydrogen Property Natural hydrogen property in Ontario located in the Lake Timiskaming Rift zone, held by Record Resources to benefit from surging AI-driven electricity demand projected to exceed 945 TWh by 2030.
Quantifiable outcome
- ~20,000 barrels per day production potential estimated by management at Loba oil discovery, Ngulu block
- +2 more outcomes
Companies that use Record Resources
Customer profileSegments2 records
Ideal customer profiles3 records
Record Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Record Resources partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- RJK Explorations LtdminorRJK Explorations acquired non-hydrocarbon and non-hydrogen rights on Record Resources' Lorrain-Bucke property at Lake Timiskaming, Ontario for approximately $75,000. Record retains 100% rights to any hydrogen or hydrocarbon discoveries and a 1% gross over-riding royalty on diamond-bearing kimberlite pipe discoveries. Six contiguous claim blocks totaling ~2,650 hectares were transferred.
- ReconAfricacoreRecord Resources secured a 20% working interest in Gabon’s Ngulu offshore block through a carried-interest deal with ReconAfrica. ReconAfrica fully carries Record through Phase 1 (the initial four-year exploration phase including the first well commitment) in exchange for a 55% interest, enabling Record to avoid near-term balance sheet strain. The block contains the Loba oil discovery with estimated production potential of ~20,000 bbl/day.
Scale indicators8 records
Recent moves7 records
Expansion highlights5 records
Record Resources competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Record Resources social profiles
Digital presenceRecord Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Record Resources leadership team
Management profileNumber of profiles
Profiles6 records
Record Resources funding detail
Funding detailFunding overview
Funding rounds4 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Record Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Record Resources
What does Record Resources do?
Record Resources is a Calgary-based junior energy exploration company holding a 20% working interest in the Ngulu offshore oil and gas block in Gabon (Block C-7, 1,214 km²) through a carried-interest deal with ReconAfrica, plus three natural hydrogen exploration properties (Lorrain-Bucke, Paradis Bay, Beauchamp) in Ontario's Lake Timiskaming Rift zone. The Loba oil discovery at Ngulu has estimated production potential of approximately 20,000 barrels per day. The company raises capital via private placements to fund exploration activities.
Is Record Resources a public or private company?
Record Resources is a public company. It is classified as public and is currently operating.
When was Record Resources founded?
Record Resources was founded in 2010. It employs 1 to 10 people.
Where is Record Resources based?
Record Resources is headquartered in Sherwood Park, Canada, in the North America region.
How does Record Resources make money?
Three revenue lines are on record. Oil and Gas Production (Gabon) is the primary driver. The others are natural Hydrogen Exploration (Ontario) and mineral Rights Divestiture.
Does Record Resources have an API?
No public API is recorded for Record Resources.
What industry is Record Resources in?
Record Resources's product category is Oil and Gas Exploration. Its primary akta.pro industry code is EUALACAJ, CO2 Gathering & Compression (for EOR/CCUS feed), with a secondary code of EUABABAJ, Direct Air Capture (DAC) Project Development. Its NAICS code is 213111 and its SIC code is 1389.