(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 4th, 2024. G2 Energy Corp. (CSE:GTOO, FWB:UD9) ( the " Company " or" G2 ") is pleased toannounce record oil production since purchasingthe Masten Unit.
G2 purchased the Permian Basin Masten Unit, located inLevelland Texas, through its wholly-owned subsidiary G2 Energy TX1Inc., on 1 June 2022. Field operations were transferred to OilwellOperators Inc., (“OOI”) in July 2023 and the production has seensteady growth culminating in record production for the month of March2024.
G2 and OOI implemented a Production Enhancement Plan,(“PEP”), and the stable and incremental production growth is adirect result of this activity.
Masten Unit Production – March 2024
OIL | 2,334 Barrels | 3,022 BOE [1] |
GAS | 4,129 MCF | |
Projected Gross Revenue | US $180,822 | |
Projected Net Revenue | US $137,130 |
Final amounts will be confirmed during the3 rd week of April 2024.
The planned well workover program, which was financedby Claremond Wealth Ltd. and Cloudbreak Discovery plc, is alsounderway and should be completed by mid-April 2024. It is anticipatedthat this workover program should realize an estimated 15% increase inoverall production for the field. Slawek Smulewicz, CEO and Director,commented: “ The productionstabilization is a direct result of our team focusing on and executingthe Production Enhancement Plan. We particularly like the low-risk,low-cost element of steady growth that we are seeing in the field. Inconcert with the steady growth we are seeing we are also pleased withthe restructuring of our Board and Management and continue to work onstreamlining the corporate operations to make G2 more efficientoverall. With the active involvement of Claremond and Cloudbreak wewill also continue to evaluate additional acquisition opportunities asthey 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 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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