(TheNewswire)
Vancouver, British Columbia – TheNewswire -- February 14, 2024. G2 Energy Corp. (CSE:GTOO ) ( FWB:UD9) ( the " Company " or " G2 ") announces today, that due to the lowtemperatures in January, it caused the wells to be shut down for 3days with no production occurring to prevent any damage. Despite that,oil and gas production continues to stay at a stable baseline atMasten Unit, acquired by the Company’s subsidiary G2 Energy TX1 Inc.on June 1, 2023, located in the Permian Basin in LevellandTexas .
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 January was as follows:
OIL - 2056 barrels, GAS – 4,346 MCF or 2,780.5BOE [1]
Estimated gross revenue for oil sold to Phillips 66®in January is expected to be as follows:
2016 barrels for gross revenue of US$142,188 and G2’snet revenue of US$107,831.
Oilwell Operators Inc. hasconducted tests of the tubing on two wells, potential candidates forworkovers, included in the ProductionEnhancement. The expected increase in production has not beenestimated yet.
As mentioned in the News Release dated January 24,2024, t he next planned workovers are 4 pumpreplacements on producing wells. The expected increase in productionis estimated to be between 7 and 15 BOPD which represents anadditional 10-20% increase in production. The workovers will becarried out when weather conditions 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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