G2 Energy Corp (CSE:GTOO, OTC:GTGEF) announced that oil and gas production continues to exceed previous monthly volumes at its Masten Unit in the Permian Basin of Texas, which was acquired by G2 Energy TX1 Inc on June 1, 2022.
The junior oil and gas producer said production has now stabilized at about 80 barrels of oil per day (BOPD), which represents a 14% increase over the Masten Unit's previous baseline production.
"The continual growth at our Masten Unit is the result of our team focusing and executing on Phase One of our Production Enhancement Plan," G2 Energy CEO Slawek Smulewicz said in a statement.
"We particularly like the low-risk, low-cost element of steady growth that we are seeing in the field," he added.
G2 also noted that the next planned workovers are three pump replacements on producing wells, which are expected to increase production between 5 and 10 BOPD, representing an additional 10% increase in output.
G2 Energy is a junior oil and gas producer with the primary focus on acquiring and developing additional overlooked, low-risk, high-return opportunities in the oil and gas sector.