(TheNewswire)
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Vancouver, British Columbia – TheNewswire - April 4th, 2024. G2 Energy Corp. (CSE:GTOO, FWB:UD9) ( the " Company " or " G2 ") is pleased to announce record oil production since purchasing the Masten Unit.
G2 purchased the Permian Basin Masten Unit, located in Levelland Texas, through its wholly-owned subsidiary G2 Energy TX1 Inc., on 1 June 2022. Field operations were transferred to Oilwell Operators Inc., (“OOI”) in July 2023 and the production has seen steady growth culminating in record production for the month of March 2024.
G2 and OOI implemented a Production Enhancement Plan, (“PEP”), and the stable and incremental production growth is a direct result of this activity.
Masten Unit Production – March 2024
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OIL |
2,334 Barrels |
3,022 BOE [1] |
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GAS |
4,129 MCF |
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Projected Gross Revenue |
US $180,822 |
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Projected Net Revenue |
US $137,130 |
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Final amounts will be confirmed during the 3 rd week of April 2024.
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The planned well workover program, which was financed by Claremond Wealth Ltd. and Cloudbreak Discovery plc, is also underway and should be completed by mid-April 2024. It is anticipated that this workover program should realize an estimated 15% increase in overall production for the field. Slawek Smulewicz, CEO and Director, commented: “ The production stabilization is a direct result of our team focusing on and executing the Production Enhancement Plan. We particularly like the low-risk, low-cost element of steady growth that we are seeing in the field. In concert with the steady growth we are seeing we are also pleased with the restructuring of our Board and Management and continue to work on streamlining the corporate operations to make G2 more efficient overall. With the active involvement of Claremond and Cloudbreak we will also continue to evaluate additional acquisition opportunities as they arise.”
[1] NI51-101/5.14(d): "BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead."
On Behalf of the Board,
“ Slawek Smulewicz ”
Slawek Smulewicz
CEO
About G2 Energy Corp.
G2 is a junior oil and gas producer listed on the CSE exchange. It's primary focus is to acquire and develop additional overlooked, low risk, high return opportunities in the oil and gas sector. G2's strategy is to obtain a portfolio of risk-managed production and development opportunities onshore, U.S.A. In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas. The Masten Unit is the Company's first producing asset. G2 is targeting top tier projects with operating netbacks and infrastructure facilities which will fast track overall oil and gas production growth.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.
Forward Looking Statements Caution
Statements in this press release regarding 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 of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, including expectations regarding the Company's ability to meet its outstanding obligations, and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which 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, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. The Company's ability to meet its outstanding obligations could differ materially from those currently anticipated due to factors such as: the performance of facilities and pipelines, commodity prices, price volatility, price differentials and the actual prices received for the Company’s products, royalty regimes and exchange rates, the availability of capital, labour and services, the creditworthiness of industry partners, G2’s ability to acquire additional assets, unexpected increases in operating costs, and risks associated with potential future lawsuits and regulatory actions made against the Company including but not limited to being found in default of the Company's obligations to Cloudbreak. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially.
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