(TheNewswire)
Vancouver, B.C – TheNewswire - September16, 2022 - G2 EnergyCorp. (CSE:GTOO ) , (OTC:GTGEF) ( FKN:UD9) (the “ Company ” or“ G2 ”) is pleased to provide an update onits Corporate Strategy.
After extensive internal deliberations, G2 Energy’sBoard, including its newly appointed President (Dave Whitby) and COO(James Tague), has unanimously decided not to pursue the HEXPacquisition. Slawek Smulewicz, G2’s CEO commented “ while we had financing options, the costof debt in the high teens and the subsequent dilution of our equitymade this acquisition unacceptable to our Board and ourinvestors ”.
G2 Energy is focused on generating returns throughbolt-on acquisitions, workovers, infrastructure advantages, and thepursuit of drilling opportunities. This strategy is already achievingsuccess as G2 is in advanced discussions to acquire thefollowing:
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A 320-acre lease located in the heart of the historicFarmer (Big Lake) field. This lease can support the drilling of up to16 shallow Clearfork and Grayburg wells and has substantial productionpotential from horizontal wells. This acquisition will add immediatereserves under the Proved Undeveloped category upon close.
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An adjacent 180-acre lease producing 4 BOPD. Thisacquisition will extend the western edge of the Masten Unit andincludes multiple wells that can be reactivated.
Meanwhile, G2’s operational team has secured a rigand will begin significant workover and wellbore cleanout efforts bylate September and through October. It is expected that after theacquisition of the Bridwell lease and the workover program, G2’sproduction will exceed 120 BOEPD.
In accordance with the new management’s focus onefficiency, and to level out production anomalies, G2 will bereporting all subsequent production numbers and plans on a quarterlybasis.
In addition to these acquisitions and operationalactivities, G2 is in initial discussions with several finance firms tosecure funds for the drilling program and for future acquisitions.Expectations are to have this funding in place by year-end.
“While disappointed that the market volatility madethe HEXP acquisition impossible, we are very excited about ournear-term activities and upside” commented Mr. Smulewicz, “Uponcompletion of these new acquisitions and well workovers, we will besolidly positioned to take advantage of the many larger opportunitieswe see coming our way in 2023.”
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz, CEO
For further information, please contact:
John Costigan, VP CorporateDevelopment
O: +1 778 775 4985, C: +1 604 620 8689
E: info@g2.energy , W: WWW.G2.ENERGY
About G2 EnergyCorp.
G2 Energy Corp. is a profitable junior oil and gasproducer listed on the CSE exchange. It's primary focus is to acquireand develop additional overlooked, low risk, high return opportunitiesin the oil and gas sector. G2's strategy is to obtain a portfolio ofrisk-managed production and development opportunities onshore, U.S.A.In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas.The Masten Unit is the Company's first producing asset. G2 istargeting top tier projects with operating netbacks and infrastructurefacilities which will fast track overall oil and gas productiongrowth.
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.
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