G2 Energy Corp (CSE:GTOO, OTC:GTGEF) announced that it has initiated an application process to the Texas Railroad Commission to become the operator of its cornerstone-producing asset, the Masten Unit in Cochran county, Texas.
The junior oil and gas producer said it is expecting to become the Operator of Records, as defined by the Texas Railroad Commission, in a few weeks period, and is gearing up for the transition to start immediately.
“As the operator, G2 will now be able to closely monitor all aspects of field operations, reduce costs and increase near-term production,” G2 Energy CEO Slawek Smulewicz said in a statement.
“We anticipate a substantial increase in both our production and the resultant cash flow within 90 days,” he added.
Smulewicz also noted that G2’s first priority will be to initiate a low-cost work-over program on six of its existing wells following the company’s capital raise.
G2 added that it has assembled an experienced operating team of local oil industry professionals that can advance the Masten Unit in a safe and efficient manner under the direction of the company’s chief operating officer David Whitby.
G2 Energy is focused on acquiring and developing overlooked, low-risk, high-return opportunities in the oil and gas sector.
Contact Sean at sean@proactiveinvestors.com