"G2 Energy increases production by 10%, exceeds 2,000 barrels per month"

" G2 Energy increases production by 10%, exceeds 2,000 barrels per month \r\n G2 Energy has announced positive results from the optimization plan currently being executed on the Masten Unit, located in the Permian Basin in Levelland, Texas. \r\n The Optimization plan includes three components: \r\n\r\n \r\n \t focused water injection, \r\n \t hot oil program to remove flow restricting impurities, and \r\n \t gas flowline clean outs. \r\n \r\n Preliminary October production volumes reached their highest level since G2 acquired the Masten\u00a0Unit on June 1st, 2022, with gross volumes (prior to marketing fees), exceeding 2,000 barrels[1] of oil\u00a0per month, approximately 200 barrels higher than any previous month.\r\n\r\n Masten Unit Optimization Plan \r\n The first component of the plan is to ensure water is targeted for injection to maximize production. In August, the water was re-directed into the more prolific northern half of the unit. This effort alone has increased production by 400 barrels a month or 20% in just three months.\r\n\r\nThe hot oil program, where oil is heated and injected down the well and through flow lines to dissolve\u00a0flow restricting build up of paraffins, began in October. The increased production from this ongoing\u00a0effort (two wells per week) should become readily apparent in November volumes.\r\n\r\nFurthermore, G2 discovered that fluid was accumulating in the primary gas sales line which was\u00a0creating flow restricting back pressure on the producing wells. This fluid was removed in late October\u00a0and line pressures have been reduced by 50%. While unquantified at the moment, the removal of this\u00a0back-pressure could lead to an increase in gas production and sales. \r\n With the optimization plan well underway, G2 Energy believes monthly volumes will continue to grow\u00a0leading to increased monthly revenues. Jim Tague, COO commented \u201cI am really optimistic that we\u00a0will see a substantial increase in overall oil and gas volumes and hopefully continue to set new\u00a0monthly production records. My appreciation goes to the G2 Energy operations team for their efforts\u00a0and dedication to optimize production for the Masten Unit\u201d \r\n\r\n Six-Month Plan \r\n Further to the news release dated October 20, 2022, G2 Energy is raising $1M USD via a guaranteed\u00a012% convertible debenture with no conversion restrictions other than price. The net proceeds will be\u00a0used to execute and accelerate the six-month plan.\u00a0\u00a0The total estimated cost of the well work will be around US$700,000 and the acquisition cost of the\u00a0Bridwell including the closing costs will be US$230,000.\r\n\r\nAfter this six-month program is finished, is estimated to be around 197 BOEPD which is more than\u00a0200% of the existing\u00a0 production level. This production would generate monthly revenue of around\u00a0US$432,000 and an estimated six-month total\u00a0 revenue of about $2,000,000, at $80 oil and $6 natural\u00a0gas.\r\n\r\nPreliminary volumes are based on truckloads of oil shipped. These loads are an accurate indicator of oil produced and sold. However, final sales volumes reported by Phillips 66, G2\u2019s crude purchaser are contingent upon factors such as temperature, basic sediments, and water which can alter shipped volumes by up to one percent. Final volumes will not be reported by Phillips 66 until November 20th or thereabouts. \r\n G2 Energy Corp. is a profitable junior oil and gas producer listed on the CSE exchange. It's primary\u00a0focus is to acquire and develop additional overlooked, low risk, high return opportunities in the oil and\u00a0gas sector. G2's strategy is to obtain a portfolio of risk-managed production and development\u00a0opportunities onshore, U.S.A. In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas.\r\n\r\nThe Masten Unit is the Company's first producing asset. G2 is targeting top tier projects with operating\u00a0netbacks and infrastructure facilities which will fast track overall oil and gas production growth. "

"G2 Energy increases production by 10%, exceeds 2,000 barrels per month"

‘Poisoned Playgrounds’: National NGO Forum Demands Urgent Action to End Child Labour in GalamseyAMP

Fixing the Farmgate to Protect Cocoa’s Future: Farmers Deserve Fairer PriceAMP

Crypto Outpaces Traditional Finance: Fastest Growing Companies of 2025AMP