Vancouver, B.C. – TheNewswire – August 16th, 2022 – G2 Energy Corp. GTOO, GTGEF, (FKN:UD9) (the “Company” or “G2“) is pleased to provide an operational update on its wholly owned Masten Unit (“Masten“).
G2 expects to begin work on several wells in the latter half of August, or early September. Wells scheduled for workovers include the Masten C-5, the Masten A-1 and the older Masten K-1 well. The C-5 is scheduled first, and the work includes plugging back the lower formations and perforating the upper P-1 gas zone. The P-1 is a prolific gas zone within the San Andres formation. Nearby wells could produce 25-100 mcf/d and similar production rates are expected. The A-1 is a prolific well which is currently down for tubing repairs. G2 will repair the tubing and conduct a chemical clean-out and stimulation of the producing zones. Based on this well’s history, it is anticipated that its original rate of 10 bopd could be restored. The older K-1 is a prolific gas well that needs to be placed on pump in order to move the produced water. Initial testing of the well’s integrity will be conducted after which the well will be placed on a pump and production restored. If successful, this well could add up to an additional 100 mcf/d to Masten’s production. Volumes from these workovers will be evident as the work is completed, with revenues from this work expected to show up in October. G2 will provide an operational update on this work in September.
On Behalf of the Board,
President & CEO
For further information, please contact:
VP Corporate Development
O: +1 778 775 4985
About G2 Energy Corp.
G2 Energy Corp. is a profitable 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 for the effects of the change of business of G2 to oil and gas, 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 those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual results could differ materially from those currently anticipated due to factors such as: the performance of wells, the availability and performance of facilities and pipelines, the geological characteristics of G2’s properties, prevailing weather and break-up conditions, commodity prices, price volatility, price differentials and the actual prices received for the Company’s products, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, and G2’s ability to acquire additional assets. 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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