Vancouver, British Columbia – TheNewswire - December 22 2023 - G2 Energy Corp. (CSE:GTOO), (FWB:UD9) (the "Company" or "G2") announces today, that Oil and Gas production continues to exceed the previous monthly volumes at Masten Unit, acquired by G2 Energy TX1 Inc. on June 1, 2022, located in the Permian Basin in Levelland Texas.

During the second week of December Oilwell Operators Inc. completed another workover on the J‑7R, pumpjack gearbox replacement. This resulted in initial flash production reaching 99 BOPD. Production has now stabilized around 80 BOPD which represents a 14 % increase over the Masten units’ PREVIOUS baseline production (November baseline =70.94 BOPD).

The next planned workovers are 3 pump replacements on producing wells. The expected increase in production is estimated to be between 5 and 10 BOPD which represents an additional 10% increase in Production.

The production increases are a direct result of the Production Enhancement Plan (“PEP’) as executed by G2’s on the ground team, Oilwell Operators Inc.

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

OIL - 2128 BO, GAS - 5087 MCF or 29076 BOE[1]

Slawek Smulewicz commented: “The continual growth 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 Plan 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

For further information, please contact:

John Costigan

VP Corporate Development

O:        +1 604 620 8589

E:        jcostigan@g2.energy

W:        WWW.G2.ENERGY

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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