Vancouver, British Columbia – July 18, 2023. G2 Energy Corp. (CSE:GTOO, FWB:UD9) (the “Company” or “G2”) is pleased to announce today, that further to its news release dated June 12, 2023, the Company has officially transferred operation from RMB Operating LLC to an interim operator of its cornerstone-producing asset, the Masten Unit in Cochran County, Texas. RMB Operating LLC was removed as they did not meet performance standards nor did they cooperate, according to the Company’s expectations. The interim appointment is an important step in G2 becoming the Operator of Records, as defined by the Texas Railroad Commission.
G2 has hired and will deploy an experienced operating team (drilled their first well in Texas in 1922). The new team is comprised of local oil industry professionals and will advance the Masten Unit in a safe and efficient manner. In consultation with G2, the team has submitted a detailed service plan and will immediately execute on it in order to return the Masten Unit to previous production levels over the next 40 days, (i.e. on or before August 25, 2023) barring any unforeseen circumstances.
“It is a major milestone for a junior company in the energy sector to become its own operator. Together with the interim operator, G2 will now be able to closely monitor all aspects of field operations, reduce costs and increase near-term production. Our first priority will be to initiate a low-cost work-over program on 6 of our existing wells. We anticipate a substantial increase in both our production and the resultant cash flow within 90 days.” stated Slawek Smulewicz, Executive Chairman and CEO of G2.
On Behalf of the Board,
For further information, please contact:
VP Corporate Development
O: +1 604 620 8589
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.