Vancouver, British Columbia – March 19, 2023. G2 Energy Corp. (CSE:GTOO, FWB:UD9) (the "Company" or "G2") announces today, that oil and gas production continues to stay at a stable baseline at Masten Unit, acquired by G2 Energy TX1 Inc. on June 1, 2023, located in the Permian Basin in Levelland Texas. Despite the shorter month, production was higher than in the previous months.

The production stabilization is a direct result of the Production Enhancement Plan (“PEP”) as executed by G2’s ground team, Oilwell Operators Inc. (“OOI”).

The production (OIL & GAS) for the Masten Unit in the month of February was as follows:

OIL - 2188 barrels, GAS – 4,264 MCF or 2,899 BOE[1]

Estimated gross revenue for oil sold to Phillips 66® in February is expected to be as follows:

2184 barrels for gross revenue of US$159,882 and G2’s net revenue of US$121,249.

Oilwell Operators Inc. has conducted tests of the tubing on two wells, potential candidates for workovers, included in the PEP. The expected increase in production has not been estimated yet.

As mentioned in the news releases dated January 24, and February 13, 2024, the planned workovers will be conducted by the end of March and early April. The expected increase in production is estimated to be between 7 and 15 BOPD which represents an additional 10-20% increase in production.

Slawek Smulewicz commented: “The production stabilization at our Masten Unit is the result of our team focusing and executing on phase one of our Production Enhancement Plan. We particularly like the low risk, low-cost element of steady growth that we are seeing in the field. The PEP will continue as outlined in phase one. We will also continue to evaluate additional acquisition opportunities as they arise.”

[1] NI51-101/5.14(d): "BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead."

On Behalf of the Board,

“Slawek Smulewicz”

Slawek Smulewicz

CEO

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.

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