(TheNewswire)
Vancouver, British Columbia – TheNewswire - March 1, 2024, G2 Energy Corp. (CSE:GTOO, FWB:UD9)( the "Company" or "G2") hassettled with former Chief Operating Officer and Director, JimTauge.
Pursuant to the news release dated December 20, 2023,the Company received a Court Order Appointing a Receiver in MontgomeryCounty, Texas. This action was brought by Tague and was to satisfy anoutstanding amount claimed by Tauge in the amount of USD$70,000.00.This amount was disputed by G2 as a result of the actions of Tague inhis capacity as Chief Operating Officer. G2 initially sought toachieve a negotiated settlement with Tague in good faith which wasunsuccessful. In turn G2 and its affiliates deemed the claim to notwarrant further pursuit and paid the claim in full.
In connection with the settlement, the Company receivedan Order Granting Motion To Termination Of Receivership from theCourts located in Montgomery County, Texas and this matter isclosed.
Slawek Smulewicz CEO states, “ We are disappointed to have endured thisaction by a former Director and Executive of the Company but wouldlike to emphasize that G2, its affiliates and advisors, are happy toreport that this matter is closed. Continued performance of the fieldthrough our newly appointed, independent operator, is resulting inpositive results as we had anticipated and the production is strong.G2 is pleased to be working more closely with its affiliate anddebenture lender Cloudbreak Discovery plc, (“Cloudbreak”), andthis is evolving into a positive relationship .”
In addition, the Company wishes to announce theresignation of Mr. Randy Smith as Vice-President of BusinessDevelopment of the Company as he was not able to focus his attentionon G2 duties due to bandwidth issues. Mr. Smith will stay as theCompany’s local consultant based in Midland, Texas.
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 that expectations,forecasts, predictions, projections or conclusions may not prove to beaccurate, that assumptions may not be correct and that objectives,strategic goals and priorities may not be achieved. These risks anduncertainties include but are not limited to those identified andreported in the Company’s public filings under the Company’s SEDARprofile at www.sedar.com. The Company's ability to meet itsoutstanding obligations could differ materially from those currentlyanticipated due to factors such as: the performance of facilities andpipelines, commodity prices, price volatility, price differentials andthe actual prices received for the Company’s products, royaltyregimes and exchange rates, the availability of capital, labour andservices, the creditworthiness of industry partners, G2’s ability toacquire additional assets, unexpected increases in operating costs, and risks associated withpotential future lawsuits and regulatory actions made against theCompany including but not limited to being found in default of theCompany's obligations to Cloudbreak. Although the Company hasattempted to identify important factors that could cause actualactions, events or results to differ materially from those describedin forward-looking information, there may be other factors that causeactions, events or results not to be as anticipated, estimated orintended. There can be no assurance that such information will proveto be accurate as actual results and future events could differmaterially.
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