(TheNewswire)
Vancouver, British Columbia – TheNewswire - October 28, 2022. G2 Energy Corp. (CSE:GTOO ) , ( FKN:UD9 ), (OTC:GTGEF) (the " Company " or" G2 ") announcedtoday that it will be delayed in filing its audited annual financial statements, management'sdiscussion and analysis and related certifications for the fiscal yearended June 30, 2022 (the " Annual Statements ") on or before thefiling deadline of October 28, 2022.
The delay is due to the fact that the Companyundergoing a change of business to an oil and gas company which wascompleted earlier this year in June. As a result, the annual audit istaking longer than expected and DMCL theCompany's auditors, Dale Matheson Carr-Hilton LaBonte LLP(" DMCL ") will require more time to complete the audit as the Annual Statements are more complex thanin previous years.
Sam Wong, Chief Financial Officer of the Companystated, “G2 had gone through various significant and positivechanges over the past fiscal year. As a result, the annual audit istaking longer than expected. Our finance team in Canada and US areworking hard and fully cooperating with the auditors to ensure we filethe highest quality set of financial statements.”
DMCL and the Company anticipate the audit will becompleted before November 30, 2022, and there isno impediment to completion other than the time required byDCML.
Accordingly, the Company has requested the issuance ofa management cease trade order under the provisions of National Policy12-203 Cease Trade Orders forContinuous Disclosure Defaults (" NP 12-203 ") so as to permit the continued trading in theCompany's common shares by persons other than insiders and employeesof the Company. The Company is working closely with its auditor andexpects to complete the audit of the Annual Statements and file themon SEDAR by November 30, 2022.
The Company confirms that it intends to satisfy theprovisions of section 4.4 of NP 12-203 and issue bi-weekly defaultstatus reports for so long as the Company remains in default of thefinancial statement filing requirement. Such report will disclose anymaterial changes to the information in this release; all actions takenby the Company to remedy the default; particulars of any failure bythe Company to fulfill these provisions; any subsequent defaults ofthe Company requiring a default announcement; and any other materialinformation concerning the affairs of the Company not previouslydisclosed. The Company is not subject to any insolvency proceedingsnor is there any other material information concerning the affairs ofthe Company that has not been generally disclosed.
On Behalf of the Board,
“ Sam Wong ”
Sam Wong, CFO
About G2 EnergyCorp.
G2 Energy Corp. is a profitable junior oil and gasproducer listed on the CSE exchange. It's primary focus is to acquireand develop additional overlooked, low risk, high return opportunitiesin the oil and gas sector. G2's strategy is to obtain a portfolio ofrisk-managed production and development opportunities onshore, U.S.A.In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas.The Masten Unit is the Company's first producing asset. G2 istargeting top tier projects with operating netbacks and infrastructurefacilities which will fast track overall oil and gas productiongrowth.
The Canadian Securities Exchange hasneither approved nor disapproved the information containedherein.
Forward Looking StatementsCaution
Statements in this press releaseregarding the Company which are not historical facts are“forward-looking statements” that involve risks and uncertainties.Such information can generally be identified by the use offorwarding-looking wording such as “may”, “expect”,“estimate”, “anticipate”, “intend”, “believe” and“continue” or the negative thereof or similar variations. Sinceforward-looking statements address future events and conditions, bytheir very nature, they involve inherent risks and uncertainties. The Company providesforward-looking statements for the purpose of conveying informationabout current expectations and plans relating to the future,including expectations forthe effects of the change of business of G2 to oil andgas, and readers arecautioned that such statements may not be appropriate for otherpurposes. By its nature, this information is subject to inherent risksand uncertainties that may be general or specific and which give riseto the possibility that expectations, forecasts, predictions,projections or conclusions may not prove to be accurate, thatassumptions may not be correct and that objectives, strategic goalsand priorities may not be achieved. These risks and uncertaintiesinclude but are not limited those identified and reported in theCompany’s public filings under the Company’s SEDAR profile atwww.sedar.com. Statementsrelating to “reserves” are also deemed to be forward-lookingstatements, as they involve the implied assessment, based on certainestimates and assumptions, that the reserves described exist in thequantities predicted or estimated and that the reserves can beprofitably produced in the future. Actual results could differ materiallyfrom those currently anticipated due to factors such as: the performance of wells, the availabilityand performance of facilities and pipelines, the geologicalcharacteristics of G2's properties, prevailing weather and break-upconditions, commodity prices, price volatility, price differentialsand the actual prices received for the Company’s products, royaltyregimes and exchange rates, the application of regulatory andlicensing requirements, the availability of capital, labour andservices, the creditworthiness of industry partners, and G2’sability to acquire additional assets. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially.
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