(TheNewswire)
Vancouver, B.C. - TheNewswire - August 23, 2022 - G2 Energy Corp. (CSE:GTOO ) , (CNSX:GTOO.CN),(OTC:GTGEF), ( FWB:1NZ.F) (the “ Company ” or “ G2 ”) announces thatpursuant to the news release dated July 7, 2022 in connection with theacquisition of the additional oil and gas properties (the“ HEXP Assets ”) located in the Permian Basin in Cochran County, Texas(the “ Transaction ”), the Company signed anamendment to the agreement with the sellers of the HEXP Assets onAugust 22, 2022 extending the previously announced targeted closingdate of August 15, 2022 to October 17, 2022 (the “ Closing Date ”).
In addition, as consideration for the extension of theClosing Date from August 15, 2022, to October 17, 2022, the Companyhas agreed to pay the sellers a further US$200,000 deposit, which isbeing applied towards the purchase price of the Transaction.
Recap of the HEXP Assets:
The HEXP Assets are situated in the Permian Basin whichproduces from the prolific San Andres formation. The San Andres formation is a carbonate formation thatresponds well to acid, fracturing, and horizontal well drilling. TheSan Andres vertical is refractable as the wells respond well to acidstimulations, potentially doubling production at minimal cashcosts.
Overview:
The HEXP Assets consist of five leases comprising 3,876producing acres located within the vast, billion-barrel LevellandField in Cochran County, Texas.
Key Attributes:
• 4,826/3,876 gross/net acres • 100% HBP
• 100% Working Interest / 83% Net RevenueInterest
• Current Production - 130 BOPD and 35 MCFD from 54active wells
• Proved Reserves of 863 MBOE with a PV10 of $12.5MM [1]
• Current operating cash flow is US$2.8MM/year
[1 ] ReserveCommodity Price Assumptions: NYMEX and HH Strip March 2022
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
President & CEO
For further information, please contact:
John Costigan
VP Corporate Development
O: +1 778 7754985
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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