(TheNewswire)
Vancouver, B.C. - TheNewswire - June 13, 2022 - G2 Energy Corp. (CSE:GTOO ) , ( OTC:GTGEF ) , ( FWB:1NZ.F) (the “ Company ” or “ G2 ”) announces todaythat further to its news releases on December 6, 2021, December 24,2022, March 22, 2022 and June 1, 2022, the Canadian SecuritiesExchange (the " CSE ") has given its final approval to theCompany's Change of Business (" COB ") to oil andgas, which was approved by the Company's shareholders on March 14,2022.
The Company's common shares will commence trading onthe CSE on Tuesday, June 14,2022 under the new name "G2 EnergyCorp." and the current ticker symbol of “GTOO” will remainunchanged.
As announced on June 1, 2022, G2 has closed theacquisition of the Masten Unit (an oil and gas producing field) (the“ Masten Unit ”) located in the Permian Basin in Levelland, Texas. TheMasten Unit acquisition constituted the COB pursuant to the policiesof the CSE. The terms of the acquisition of the Masten Unit andrelated financings are described in the Company's news release of June1, 2022.
The Masten Unit is a producing unit located within thegiant, billion barrel Levelland Field in Cochran County, Texas
Key Attributes:
• 3,194 gross/net acres - 100% HBP
• 100% Working Interest / 81% Net RevenueInterest
• Current Production - 80 BOPD and 130 MCFD from 18 active wells
• Low operating expense of $15.49/BOE all-in(includes production tax)
• Proved Reserves of 586 MBOE with a PV10 of $8.1 MM [1]
• Probable/Possible Reserves of 669 MBOE with a PV10 of $7.4MM
• Current operating cash flow is $1.2 MM/year
[1] Reserve Commodity Price Assumptions: NYMEX and HHStrip March 2022
BOEs may be misleading, particularly if used inisolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energyequivalency conversion method primarily applicable at the burner tipand does not represent a value equivalency at the wellhead.
For detailed technical information related to theMasten Unit, the estimated Proved and Probable Reserves and pastproduction at the Masten Unit, refer to the Company's ListingStatement dated June 9, 2022 and the NationalInstrument 51-101F1 Reserve Report dated January 6, 2022 and effectiveJanuary 1, 2022 prepared by Willrich Energy Advisors, ConsultingPetroleum Engineers and Geologists, of Houston, Texas, both of whichare posted on the CSE website and filed underthe Company' profile on SEDAR www.sedar.com
The technical information contained in this newsrelease related to the Masten Unit has been reviewed by Jim Tague,Principal Consultant, Performance Analytics Group, LLC, who is anIndependent Qualified Reserves Evaluator pursuant to NationalInstrument 51-101. Mr. Tague has a B.S. inMaterials Science & Engineering (with Honors) from the Universityof Florida, a M.S. in Petroleum Engineering from the University ofTexas, and an MBA from the University of Phoenix.
Slawomir (Slawek) Smulewicz, President and CEOcommented:
“ We are veryexcited to be announcing the completion of the change of business forthe Company as it represents a huge milestone for us as we prepare torelaunch as a producing oil and gas company under the new name G2Energy Corp. We are very grateful for the ongoing support of all ourshareholders and the efforts of our team through this transaction. Creating long-term value for our shareholders was very important to us and we are very eager tosee what the future holds for the Company.”
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
President & CEO
O: +1 778 7754985
E: slawek@g2.energy
W: WWW.G2.ENERGY
About G2 EnergyCorp.
G2 Energy Corp. is a Canadian Securities Exchangelisted company focused on acquiring and developing overlooked,low-risk, high return opportunities in the oil and gas sector. G2 isseeking to acquire a portfolio of risk-managed production anddevelopment opportunities onshore, in the U.S.A. In the near term, G2is pursuing production acquisition opportunities with top-tieroperating netbacks and infrastructure facilities to fast-track futureproduction 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.
Copyright (c) 2022 TheNewswire - All rights reserved.