G2 Energy Corp (CSE:GTOO, OTC:GTGEF) announced that its October production reached the highest reported volumes in six months, with oil sales of 2,038 barrels along with 3,357 mcf (thousand cubic feet) of gas, for a total of 2,597 barrels of oil equivalent (boe), or 84 boe per day (63 boepd net).
The oil and gas producer/developer said net revenue for the month was $125,037 along with operational cash flow of $95,088, while operating costs were $13.51 per boe, which the company says remains well within the first quartile of industry performance.
“Although oil prices have fallen from lofty $100 per barrel levels seen in early summer to a more stable $80 range, our operational cash flow remains solid,” G2 Energy CEO Slawek Smulewicz said in a statement.
READ: G2 Energy sees oil production hit highest levels yet since Masten Unit acquisition in Texas
“On an annualized basis, our operational cash flow exceeds $1 MM (million) which is extraordinary for a small-cap stock,” Smulewicz added.
As well, G2 reported results of its recently completed third-party audited reserves as of July 1, 2022, which showed proved developed producing reserves of 310, 659 barrels of oil and 459,230 mcf of gas with a value of $5,559,020, with total reserves of 614,000 barrels of oil and 832,910 mcf of gas with a value of $12,047,370 (using a 10% discount rate).
The company added that on an undiscounted basis, the total value of G2’s reserves is $27,691,580.
G2 Energy is focused on acquiring and developing overlooked, low-risk, high-return opportunities in the oil and gas sector.
The company is seeking to acquire a portfolio of risk-managed production and development opportunities onshore, in the US. In the near term, G2 is pursuing production acquisition opportunities with top-tier operating netbacks and infrastructure facilities to fast-track future production growth.
Contact Sean at sean@proactiveinvestors.com