(TheNewswire)
Vancouver, British Columbia – March19, 2023. G2 EnergyCorp. (CSE:GTOO,FWB:UD9) ( the " Company " or " G2 ") announces today, that oil and gasproduction continues to stay at a stable baseline at Masten Unit,acquired by G2 Energy TX1 Inc. on June 1, 2023, located in the PermianBasin in Levelland Texas . Despite the shortermonth, production was higher than in the previous months.
The production stabilization is a direct result of theProduction Enhancement Plan (“PEP”) as executed by G2’s groundteam, OilwellOperators Inc. (“OOI”).
The production (OIL & GAS) for the Masten Unit inthe month of February was as follows:
OIL - 2188 barrels, GAS – 4,264 MCF or 2,899BOE [1]
Estimated gross revenue for oil sold to Phillips 66®in February is expected to be as follows:
2184 barrels for gross revenue of US$159,882 and G2’snet revenue of US$121,249.
Oilwell Operators Inc. hasconducted tests of the tubing on two wells, potential candidates forworkovers, included in the PEP. The expectedincrease in production has not been estimated yet.
As mentioned in the news releases dated January 24, andFebruary 13, 2024, t he planned workovers will beconducted by the end of March and early April. The expected increasein production is estimated to be between 7 and 15 BOPD whichrepresents an additional 10-20% increase in production.
Slawek Smulewicz commented: “ The production stabilization at our MastenUnit is the result of our team focusing and executing on phase one ofour Production Enhancement Plan. We particularly like the low risk,low-cost element of steady growth that we are seeing in the field. ThePEP will continue as outlined in phase one. We will also continue toevaluate additional acquisition opportunities as they arise.”
[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
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 of conveying information aboutcurrent 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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