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  • Writer's pictureG2 Energy

G2 Energy receives MCTO revocation

Mr. Sam Wong reports


The management cease trade order (MCTO) issued by G2 Energy Corp.'s principal regulator, the British Columbia Securities Commission (BCSC), on Oct. 31, 2022, under National Policy 12-203 -- Management Cease Trade Orders, has been revoked effective Jan. 4, 2023, as the company has now successfully completed all filings related to its annual and interim financial statements. Revoking the MCTO means members of management are no longer prevented from trading the company's common shares.

The MCTO had been issued in connection to the failure of filing the company's audited annual financial statements for the year ended June 30, 2022, accompanying management's discussion and analysis, related chief executive officer and chief financial officer certifications, Alberta and Ontario Form 13-501F1's -- Class 1 and 3B reporting issuers participation fee, and forms 51-101 F1, F2 and F3 -- Oil and gas annual disclosure filings (together, the annual filings), which were originally due to be filed on Oct. 28, 2022.

As previously announced, the company's auditors, Dale Matheson Carr-Hilton Lebonte LLP (DMCL), required more time to complete the audit as the annual filings were more complex than previous years. This was due in part to the company undergoing a change of business to an oil and gas company, which occurred in June, 2022.

As a result of circumstances reasonably linked to the company's delay in filing the annual filings, in addition, the company was not able to meet the deadline for filing its interim unaudited financial statements for the three-month period ended Sept. 30, 2022, accompanying management's discussion and analysis, and related certifications (together, the interim filings). As a result of the company's delay in preparing the annual filings, the interim filings could not be properly completed by the filing deadline of Nov. 29, 2022.

G2 is now currently up-to-date in all of its required continuous disclosure filings, including the annual filings and interim filings, which are available for review under G2's profile on SEDAR.

The company remains committed to timely financial transparency and wishes to thank its shareholders, auditors and the BCSC for their continued trust.

About G2 Energy Corp.

G2 Energy is a profitable junior oil and gas producer listed on the Canadian Securities Exchange. The company'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, United States. 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.

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