G2 Energy removes RMB as operator of Masten unit
2023-07-18 09:16 ET - News Release
Mr. Slawek Smulewicz reports
G2 ENERGY ACQUIRES CONTROL OF OPERATIONS AND PRODUCTION OF MASTEN UNIT
G2 Energy Corp., further to its news release dated June 12, 2023, has officially transferred operation of its cornerstone producing asset, the Masten unit in Cochran county, Texas, from RMB Operating LLC to an interim operator. RMB Operating LLC was removed as they did not meet performance standards nor did they co-operate according to the company's expectations. The interim appointment is an important step in G2 becoming the operator of records, as defined by the Texas Railroad Commission.
G2 has hired and will deploy an experienced operating team (drilled its first well in Texas in 1922). The new team is composed of local oil industry professionals and will advance the Masten unit in a safe and efficient manner. In consultation with G2, the team has submitted a detailed service plan and will immediately execute on it in order to return the Masten unit to previous production levels over the next 40 days (that is, on or before Aug. 25, 2023), barring any unforeseen circumstances.
"It is a major milestone for a junior company in the energy sector to become its own operator. Together with the interim operator, G2 will now be able to closely monitor all aspects of field operations, reduce costs and increase near-term production. Our first priority will be to initiate a low-cost work-over program on 6 of our existing wells. We anticipate a substantial increase in both our production and the resultant cash flow within 90 days. " stated Slawek Smulewicz, Executive Chairman and CEO of G2.
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.