(TheNewswire)
Vancouver, British Columbia – TheNewswire - July 18, 2023. G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) ( the "Company" or "G2") is pleased to announcetoday, that further to its news release dated June 12, 2023, theCompany has officially transferred operation from RMB Operating LLC toan interim operator of its cornerstone-producing asset, the MastenUnit in Cochran County, Texas. RMB Operating LLC was removed as theydid not meet performance standards nor did they cooperate, accordingto the Company's expectations. The interim appointment is an importantstep in G2 becoming the Operator of Records, as defined by the TexasRailroad Commission.
G2 has hired and will deploy an experienced operatingteam (drilled their first well in Texas in 1922). The new team iscomprised of local oil industry professionals and will advance theMasten Unit in a safe and efficient manner. In consultation with G2,the team has submitted a detailed service plan and will immediatelyexecute on it in order to return the Masten Unit to previousproduction levels over the next 40 days, (i.e. on or before August 25,2023) barring any unforeseen circumstances.
“It is a major milestone for ajunior company in the energy sector to become its own operator.Together with the interim operator, G2 will now be able to closelymonitor all aspects of field operations, reduce costs and increasenear-term production. Our first priority will be to initiate alow-cost work-over program on 6 of our existing wells. We anticipate asubstantial increase in both our production and the resultant cashflow within 90 days. ” stated Slawek Smulewicz,Executive Chairman and CEO of G2.
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
CEO
For further information, please contact:
John Costigan
VP Corporate Development
O: +1 604 6208589
E: jcostigan@g2.energy
W: WWW.G2.ENERGY
About G2 EnergyCorp.
G2 is a junior oil and gas producer listed on the CSEexchange. It's primary focus is to acquire and develop additionaloverlooked, low risk, high return opportunities in the oil and gassector. 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. TheCompany provides forward-looking statements for the purpose ofconveying information about current expectations and plans relating tothe future, including expectations regarding the Company's ability tomeet its outstanding obligations, and readers are cautioned that suchstatements may not be appropriate for other purposes. By its nature,this information is subject to inherent risks and uncertainties thatmay be general or specific and which give rise to the possibility thatexpectations, forecasts, predictions, projections or conclusions maynot prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities may not be achieved. These risks and uncertaintiesinclude but are not limited to those identified and reported in theCompany’s public filings under the Company’s SEDAR profile atwww.sedar.com. The Company's ability to meet its outstandingobligations could differ materially from those currently anticipateddue to factors such as: the performance of facilities and pipelines,commodity prices, price volatility, price differentials and the actualprices received for the Company’s products, royalty regimes andexchange rates, the availability of capital, labour and services, thecreditworthiness of industry partners, G2’s ability to acquireadditional assets, unexpectedincreases in operating costs, and risks associated with potentialfuture lawsuits and regulatory actions made against the Companyincluding but not limited to being found in default of the Company'sobligations to Cloudbreak. 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.
Copyright (c) 2023 TheNewswire - All rights reserved.