G2 Energy Corp (CSE:GTOO, OTC:GTGEF) has reported record oil production levels at its Masten Unit asset, in Levelland Texas.
The project was acquired in June 2022 and has shown significant production growth, since July 2023, and, in the month of March it produced 2,334 barrels of oil and 4.129 million cubic feet of gas, equating to projected gross revenue of $180,822 and $137,130 of net revenue.
It follows the successful implementation of a production enhancement plan (PEP).
Additionally, the company noted that a well workover programme funded by partners, Claremond Wealth and Cloudbreak Discovery, is slated to be complete by mid-April.
The workover, if successful, is expected to boost production by around 15%.
“The production stabilization is a direct result of our team focusing on and executing the production enhancement plan,” chief executive 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.
“In concert with the steady growth we are seeing we are also pleased with the restructuring of our board and management and continue to work on streamlining the corporate operations to make G2 more efficient overall.”
Smulewicz added: “With the active involvement of Claremond and Cloudbreak we will also continue to evaluate additional acquisition opportunities as they arise.”