(TheNewswire)
Vancouver, British Columbia – TheNewswire - January 24, 2024 - G2 Energy Corp. (CSE:GTOO ) , ( FWB:UD9) ( the " Company " or" G2 ") announces today, that despite the cold weather inDecember, oil and gas production continues to stay at a stablebaseline at Masten Unit, acquired by G2 Energy TX1 Inc. on June 1,2023, located in the Permian Basin in Levelland Texas.
The production stabilization is a direct result of theProduction Enhancement Plan (“PEP’) as executed by G2’s groundteam, Oilwell Operators Inc.
The production (OIL & GAS) for the Masten Unit inthe month of December was as follows:
OIL - 2068 BO, GAS – 4,935 MCF or 2,890.5BOE [1]
The crude oil sold to Phillips 66® in December was asfollows:
2387 BO for gross revenue of US$162,213 (US$1,946,561per annum) and G2’s net revenue of US$117,347.
The next planned workovers are 4 pump replacements onproducing wells. The expected increase in production is estimated tobe between 7 and 15 BOPD which represents an additional 10-20%increase in production. The workovers will be carried out when weatherconditions permit.
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. 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 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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