(TheNewswire)
Vancouver, B.C. - TheNewswire- September 22, 2022 - G2 Energy Corp. (CSE:GTOO ) , (OTC:GTGEF), ( FKN:UD9) (the “ Company ” or“ G2 ”) is pleasedto announce, the Company’s wholly owned subsidiary G2 Energy TX2,Inc. has signed a Purchase and Sale Agreement (the “ PSA ”) datedSeptember 21, 2022 with a Texas company (the “ Seller ”) to acquireBridwell Oil Company’s Masten Lease (the “ Assets ”).
G2 is targeting November 1, 2022, as the closing date(the “ ClosingDate ”) of the Transaction. The considerationfor the acquisition of the Assets is the cash sum of US$200,000(approximately CDN$270,000).
This lease is adjacent to G2’s larger Masten Unit andis a continuation of G2 Energy’s transactional strategy whereby G2uses its expertise to identify, acquire and optimize the value of oiland gas properties.
The Bridwell Masten Lease is comprised of approximately160 acres and produces 4 bopd. Production from the lease is currentlyconstrained due to limits on water disposal. G2 intends to overcomethis constraint by using its water disposal facilities on the MastenUnit. This will allow G2 to return four idle wells to production andsignificantly increase overall production form the lease. This deal isexpected to close on or about November 1 st and work tooptimize the lease will begin immediately.
Slawek Smulewicz commented “ This is just the beginning of ouroptimisation program, however small, it enhances production whileimproving ROI .”
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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