(TheNewswire)
Vancouver, British Columbia - TheNewswire - September 27,2023 - G2 EnergyCorp. (CSE:GTOO ) ( FWB:UD9) (the"Company" or "G2") announcedtoday, that it continues to execute its Production Enhancement Plan(“ PEP ”) and has brought back three wells into production thathad been shut down by the previous operator. The work was completedahead of schedule and under budget by 40% from the originalestimate.
The three workovers have increased the daily oilproduction on the Masten Unit (“ Masten ”) to 69Barrels of Oil Per Day (“BOPD”) (recorded on September 24th). Thatis a 49% increase compared to the average daily oil production underthe previous operator (46 BOPD for the period April 2022 – July2023). This means that G2 has finally restored the Masten above itsoriginal production volumes since the acquisition day. The operatingcrew will continue to monitor and perform adjustments to the wells inorder to enhance their performances beyond the current productionlevel, now that the wells are back at the expected levels.
The short-term focus will be on assessing the remaining6 idle wells on the Masten Unit, in order to determine which wells canbe economically returned to production and in what order.
A simultaneous focus is to evaluate the potential“behind pipe” (pay zones in the operating wells that have not beenopened up/perforated) on all the current and future producing wells onthe property.
Once production is stabilized, the mid and long-termplans at Masten are to re-evaluate the potential and configuration forvertical and horizontal drilling opportunities.
The Masten Unit has room for 4 to 6 horizontal wells.The property contingent to the Masten Unit is operating horizontalsthat historically produced between 300 – 350 Barrels of Oil Equivalent Per Day (“BOEPD”) [1] .
Slawek Smulewicz commented: “I couldn’t be more pleased with howthe new team is executing on the PEP. It’s not often that you addsignificant production at a lower cost than expected. But we are notdone and will continue to add incremental production while evaluatingall the other opportunities in front of us. We would like to thank allthe shareholders for their patience and continued support.”
[1] NI51-101/5.14(d): "BOEs maybe misleading, particularly if used in isolation. A BOE conversionratio of 6 Mcf: 1bbl is based on an energy equivalency conversionmethod primarily applicable at the burner tip and does not represent avalue equivalency at the wellhead."
On Behalf of the Board,
“SlawekSmulewicz”
Slawek Smulewicz
CEO
For further information, please contact:
John Costigan
VP Corporate Development
O: +1 604 620 8589
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. 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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