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,
“Slawek Smulewicz” Slawek Smulewicz
For further information, please contact:
John Costigan 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.