(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 7, 2023 - G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) ( the "Company" or "G2") announces today, that it has concluded negotiations and has executedthe Rule 11 Agreement between G2, the former operator RMB OperatingLLC (“ RMB ”) and the Masten Unit Sellers (the “ Lenders ”). Theagreement gives G2 ultimate control over all revenue and liabilitiesgenerated from the Masten Unit. The agreement also addresses amongothers the potential damages incurred by the previous operatingarrangement.
As of September 6, G2 can confirm it has received theJune and July 2023 oil and gas payments from RMB . G2 hasinstructed the oil purchaser, Phillips 66 and gas purchaser, TargaResources Corp., to remit all future payments to G2’s currentoperating team, Oilwell Operators Inc. (“ OOI ”).
G2 would like to acknowledge the cooperation of theLenders in reaching this settlement. As a strong show of support, theLenders have agreed to provide a three-month payment holiday to G2 sothat the Company can focus on executing and funding its ProductionEnhancement Program (“ PEP ”) which is well underway. Parties agreedthe next monthly payment will be due on November 1 st , 2023.
As per the agreement G2 and OOI have established atarget of completing the remaining workovers on A-13 and G-2 wells bySeptember 30, 2023.
Slawek Smulewicz CEO states: “I would sincerely like to thank ourlegal team for their hard work and the Lenders for their cooperationand foresight in bringing this negotiation to a mutually satisfactoryconclusion. The result is not only beneficial for G2 and the royaltyowners but for our shareholders as well. The agreement frees up thecapital in order to complete the PEP and fully restore our oil and gasproduction on the Masten Unit.”
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 such statementsmay not be appropriate for other purposes. By its nature, thisinformation is subject to inherent risks and uncertainties that may begeneral 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. Theserisks and uncertainties include but are not limited to thoseidentified and reported in the Company’s public filings under theCompany’s SEDAR profile at www.sedar.com. The Company's ability tomeet its outstanding obligations could differ materially from thosecurrently anticipated due to factors such as: the performance offacilities and pipelines, commodity prices, price volatility, pricedifferentials and the actual prices received for the Company’sproducts, royalty regimes and exchange rates, the availability ofcapital, labour and services, the creditworthiness of industrypartners, G2’s ability to acquire additional assets, unexpected increases in operating costs,and risks associated with potential future lawsuits and regulatoryactions made against the Company including but not limited to beingfound in default of the Company's obligations to Cloudbreak. Althoughthe Company has attempted to identify important factors that couldcause actual actions, events or results to differ materially fromthose described in forward-looking information, there may be otherfactors that cause actions, events or results not to be asanticipated, estimated or intended. There can be no assurance thatsuch information will prove to be accurate as actual results andfuture events could differ materially.
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