(TheNewswire)
Vancouver, British Columbia – TheNewswire - December 22 2023 - G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) ( the " Company " or" G2 ") announces today, that Oil and Gas production continues toexceed the previous monthly volumes at Masten Unit, acquired by G2Energy TX1 Inc. on June 1, 202 2 , located in the Permian Basin in Levelland Texas.
During the second week of December Oilwell OperatorsInc. completed another workover on the J?7R, pumpjack gearboxreplacement. This resulted in initial flash production reaching 99BOPD. Production has now stabilized around 80 BOPD which represents a14 % increase over the Masten units’ PREVIOUS baseline production(November baseline =70.94 BOPD).
The next planned workovers are 3 pump replacements onproducing wells. The expected increase in production is estimated tobe between 5 and 10 BOPD which represents an additional 10% increasein Production.
The production increases are a direct result of theProduction Enhancement Plan (“PEP’) as executed by G2’s on theground team, Oilwell Operators Inc.
The production (OIL & GAS) for the Masten Unit inthe month of November was as follows:
OIL - 2128 BO, GAS - 5087 MCF or 29076 BOE [1]
Slawek Smulewicz commented: “ The continual growth at our Masten Unit isthe result of our team focusing and executing on Phase One of ourProduction Enhancement Plan. We particularly like the low risk,low-cost element of steady growth that we are seeing in the field. ThePlan 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
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 informationcan generally be identified by the use of forwarding-looking wordingsuch as “may”, “expect”, “estimate”, “anticipate”,“intend”, “believe” and “continue” or the negative thereofor similar variations. Since forward-looking statements address futureevents and conditions, by their very nature, they involve inherentrisks and uncertainties. The Company provides forward-lookingstatements for the purpose of conveying information about currentexpectations and plans relating to the future, including expectationsregarding the Company's ability to meet its outstanding obligations,and readers are cautioned that such statements may not be appropriatefor other purposes. By its nature, this information is subject toinherent risks and uncertainties that may be general or specific andwhich give rise to the possibility that expectations, forecasts,predictions, projections or conclusions may not prove to be accurate,that assumptions may not be correct and that objectives, strategicgoals 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.
Copyright (c) 2023 TheNewswire - All rights reserved.