(TheNewswire)
Vancouver, British Columbia – TheNewswire - November 9, 2023 - G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) ( the "Company" or "G2") announced today, that Oil and Gas production has exceeded the originalvolumes at its wholly owned Masten Unit acquired on June 1, 2023, located in the Permian Basin in Levelland Texas.
The Production Enhancement Plan (“PEP’) as executedby G2’s on the ground team, Oilwell Operators, has brought back over60/BBLS a day into production since they put “boots on theground”. This was done with a minimal budget and a focus on simplemaintenance procedures neglected by the previous operator. The PEPincludes: Calibrating pump outputs, repairing broken lines, gasflowline cleanouts, repairs to electrical systems, and regularlyscheduled maintenance.
The record production (OIL & GAS) for the MastenUnit in the month of October was as follows:
OIL - 2181.07 BBLS, GAS - 5323.7 MCF or 3051.69BOE[1].
The Masten Unit has now stabilized at a new Productionbaseline of 70.35 BOPD. This represents a 61% increase over theaverage of the previous operator.
This new baseline will allow G2 to establish apredictable reserve number required to generate a PDP value.(“ proved developed producingoil and gas reserves ”) This will allow G2 tore-finance with the local Texas bank thereby lowering borrowing costsand increasing the Company’s monthly cash flow. Which will allow G2to continue bringing wells into optimum production.
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: “ We are extremely pleased with theseresults, and we expect this momentum to continue as we completescheduled workovers and continue implementing proper maintenanceprocedures. We are just getting started.”
[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 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 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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