(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 20, 2023. G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) ( the "Company" or "G2") hasreceived notice of a Montgomery County, Texas, Order.
On December 19, 2023, G2 Energy Corp. received aMontgomery County, Texas, Order (the “ Order ”) appointinga post-judgment receiver, in order to satisfy the amount owed to theformer COO Jim Tague (USD $70,000). This comes after months of theCompany’s offers to reach a mutually agreed upon viable solution asa junior company. We have discovered, and it has been documented thatt he underperformance of the previous operatorsignificantly disrupted G2's operations and created the environmentthat led to the current situation. G2 has reasons to believe that thisunderperformance may have been deliberate and aided by former officersof the Company. If, upon additional investigation this proves to betrue, the Company will pursue legal action.
The Company was never informed about the motion relatedto the Order and has not had a chance to present it’s own evidence.It is G2’s understanding that the order has been issued based onmisleading, selectively chosen, and possibly false evidence. Inaddition to the intentional interference and activities to thedetriment of the company, it appears that Mr. Tague is also activelymaking misrepresentations in order to interfere with G2ETX1’scontract with Cloudbreak and Sellers of the Masten Unit.
G2’s legal team in Texas is actively involved and itis discussing with all parties to find a reasonable solution.
After a more detailed analysis, the Company's boardwill also decide on further actions aimed at seeking compensation forany and all actions deemed detrimental to the company.
Slawek Smulewicz commented: “ We are extremely disappointed with thisaction by our former COO and Director, and we are working with ourlegal team to solve the issue in a timely manner with the bestpossible outcome for the Company and its shareholders.”
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, by their very nature, theyinvolve inherent risks and uncertainties. The Company providesforward-looking statements for the purpose of conveying informationabout current expectations and plans relating to the future, includingexpectations regarding the Company's ability to meet its outstandingobligations, and readers are cautioned that such statements may not beappropriate for other purposes. By its nature, this information issubject to inherent risks and uncertainties that may be general orspecific 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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