G2 Energy signs PSA for next acquisition
Vancouver, B.C. - TheNewswire - September 22, 2022 - G2 Energy Corp. (CSE:GTOO), (OTC:GTGEF), (FKN:UD9) (the “Company” or “G2”) is pleased to announce, the Company’s wholly owned subsidiary G2 Energy TX2, Inc. has signed a Purchase and Sale Agreement (the “PSA”) dated September 21, 2022 with a Texas company (the “Seller”) to acquire Bridwell Oil Company’s Masten Lease (the “Assets”).
G2 is targeting November 1, 2022, as the closing date (the “Closing Date”) of the Transaction. The consideration for the acquisition of the Assets is the cash sum of US$200,000 (approximately CDN$270,000).
This lease is adjacent to G2’s larger Masten Unit and is a continuation of G2 Energy’s transactional strategy whereby G2 uses its expertise to identify, acquire and optimize the value of oil and gas properties.
The Bridwell Masten Lease is comprised of approximately 160 acres and produces 4 bopd. Production from the lease is currently constrained due to limits on water disposal. G2 intends to overcome this constraint by using its water disposal facilities on the Masten Unit. This will allow G2 to return four idle wells to production and significantly increase overall production form the lease. This deal is expected to close on or about November 1st and work to optimize the lease will begin immediately.
On Behalf of the Board,
Slawek Smulewicz, CEO
For further information, please contact:
John Costigan, VP Corporate Development
O: +1 778 775 4985, C: +1 604 620 8689
E: firstname.lastname@example.org, W: WWW.G2.ENERGY
About G2 Energy Corp.
G2 Energy Corp. is a profitable 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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