(TheNewswire)
Vancouver, B C - TheNewswire - March 10, 2023 - G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) (the " Company " or " G2 ") announces today that, in connectionwith the news releases dated August 23, 2021, November 2, 2021 andDecember 8, 2021, the Company has settled the claim and counterclaimwith TriVista Oil Co. LLC (“ Trivista ”).
On August 23, 2021, the Company entered into a purchaseand sale agreement (the “ PSA ”) with TriVista. The Company deliveredto TriVista a notice of default (the“ Default Notice ”) and gave TriVista notice of its pre-emptive terminationof the PSA. Pursuant to the Default Notice,the Company alleged certain title defects, certain defaults andcertain misrepresentations by TriVista of its obligations under thePSA. As a result of the alleged title defects, defaults andmisrepresentations specified in the Default Notice, the Companyterminated the PSA and provided written instruction to the escrowagent (the “ EscrowAgent ”) pursuant to the escrow agreement (the“ EscrowAgreement ”) entered into among the Company,TriVista and the Escrow Agent on September 7, 2021, to immediately payto the Company the deposit amount of US$400,000 (the “ Deposit ”).
In response to the Default Notice, TriVista filed anaction against the Company in the State of Texas (the “ Action ”) statingthat the Company was in breach the PSA and sought the Deposit to bereleased from escrow to TriVista. The Company filed a counterclaim tothe Action seeking release of the Deposit from escrow to the Company.In addition, the Company sought the recovery of reasonable andnecessary attorney’s fees associated with the Action as well as allother damages available under applicable law resulting fromTriVista’s alleged breach of the Agreement.
On March 1, 2023, the Company and TriVista settled theAction by way of the confidential settlement agreement (the“ SettlementAgreement ”).
The Company hopes to allocate certain capital receivedunder the Settlement Agreement to Cloudbreak’s Discovery PLCDebenture quarterly interest payments and to commence immediate workon two Masten Unit priority wells that are down due to pump wear andtear. G2 expects this work will quickly add 30 BOEPD from theworkovers and at today’s oil prices would generate approximately anadditional $70k per month of revenue production.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
CEO
For further information, please contact
John Costigan
VP Corporate Development
O: +1 778 7754985
W: WWW.G2.ENERGY
About G2 EnergyCorp.
G2 Energy Corp. is a junior oil and gas producer listedon the CSE exchange. It's primary focus is to acquire and developadditional overlooked, low risk, high return opportunities in the oiland gas sector. G2's strategy is to obtain a portfolio of risk-managedproduction and development opportunities onshore, U.S.A. In May 2022,G2 acquired the Masten Unit in the Permian Basin, Texas. The MastenUnit is the Company's first producing asset. G2 is targeting top tierprojects with operating netbacks and infrastructure facilities whichwill fast track overall oil and gas production growth.
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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