G2 Energy Corp (CSE:GTOO, OTC:GTGEF) announced that oil and gas production remains at a stable baseline at its Masten Unit, located in the Permian Basin in Levelland, Texas.
The company highlighted that, despite February being a shorter month, production was higher than in the previous month.
During the month it produced 2,188 barrels of oil and 4,264 thousand cubic feet (MCF) or 2,899 barrels of oil equivalent of gas.
The company said the estimated gross revenue for 2,184 barrels of oil sold to Philips 66 during February is expected to be US$159,882, with G2’s net revenue US$121,249.
It attributed production stabilization at the unit to its Production Enhancement Plan (PEP) being executed by its ground team Oilwell Operators.
Oilwell Operators has carried out tests on the tubing of two wells which are potential candidates for workovers under the PEP. The anticipated increase in production has not yet been estimated.
The company said planned workovers will be carried out by the end of March and early April, with production expected to be increased by 10% to 20% or between 7 and 15 barrels of oil per day.
“The production stabilization at our Masten Unit is the result of our team focusing and executing on phase one of our PEP,” 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. The PEP will continue as outlined in phase one. We will also continue to evaluate additional acquisition opportunities as they arise.”
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