G2’s Production Update and Latest Reserves • Nelson Voice

Vancouver, B.C. – TheNewswire – December 15th, 2022 – G2 Energy Corp. (CSE:GTOO), (FKN:UD9) (the “Company” or “G2”) is pleased to announce that October production reached the highest reported volumes in six months. Oil sales for October were 2,038 barrels of oil and 3,357 mcf of gas for a total of 2,597 boe or 84 boe per day (63 boepd net). Net Revenue for the month was $125,037 and operational cash flow was $95,088. Operating costs were $13.51 per boe which remains well within first quartile of industry performance. Commenting on the performance, Slawek Smulewicz, CEO commented “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. On an annualized basis, our operational cash flow exceeds $1 MM which is extraordinary for a small-cap stock.”

In addition to these stellar monthly production and cash flow results, G2 Energy is pleased to announce the results of its recently completed third-party audited reserves, which will also be released in its upcoming financial statements. As of July 1st, 2022 proved developed producing reserves are 310, 659 barrels of oil and 459,230 mcf of gas with a value of $5,559,020. Total reserves are 614,000 barrels of oil and 832,910 mcf of gas with a value of $12,047,370. (Discounted at 10%). On an undiscounted basis, the total value of G2’s reserves are $27,691,580. [1]

Dave Whitby, President commented “Our latest reserve report confirms the value of our assets. We look forward to monetizing these reserves in order to create value for our shareholders. As we do so, I am confident that our company will close the value between our market capitalization and the value of our oil and gas reserves.”

In other related news, G2 and Bridwell Oil have agreed to slide the expected closing date of the Bridwell Masten assets to January 1st, 2023, during which time G2 continues its work to geologically map the asset and identify additional upside.

[1] MKM ENGINEERING (an independent third-party, qualified reserves evaluator) prepared a Reserve Report on Masten, dated effective July 1, 2022 (the “Report”) in accordance to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The Report will be available for review under the Company’s profile on SEDAR www.sedar.com. The technical information and data in this news release have been extracted from the Report. This appraisal in the Report evaluates G2’s Proved Developed Producing (PDP) and Probable Undeveloped (PrUD) reserves. There is at least 90% probability that the quantities actually recovered will equal or exceed the estimated proved reserves and at least 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable reserves.

Future net income (FNI) is after deducting estimated operating and future development costs, severance and ad valorem taxes, but before Federal income taxes. Total net Proved and Probable Reserves are defined as those natural gas and hydrocarbon liquid Reserves to G2’s interests after deducting all shrinkage, royalties, overriding royalties, and reversionary interests owned by outside parties that become effective upon payout of specified monetary balances. All Reserves estimates have been prepared using standard engineering practices generally accepted by the petroleum industry and conform to those classifications defined in the Canadian Oil and Gas Evaluation Handbook (“COGEH”). All hydrocarbon liquid Reserves are expressed in United States barrels (“Bbl”) of 42 gallons. Natural gas Reserves are expressed in thousand standard cubic feet (“Mcf”) at the contractual pressure and temperature bases. All monies are expressed in United States dollars.

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

On Behalf of the Board,

“Slawek Smulewicz”

Slawek Smulewicz, CEO

For further information, please contact:

John Costigan, VP Corporate Development

O: +1 778 775 4985, C: +1 604 620 8689

E: [email protected], W: WWW.G2.ENERGY

About G2 Energy Corp.

G2 Energy Corp. is a profitable junior oil and gas producer listed on the CSE exchange. It’s primary focus is to acquire and develop additional overlooked, low risk, high return opportunities in the oil and gas sector. G2’s strategy is to obtain a portfolio of risk-managed production and development opportunities onshore, U.S.A. In May 2022, G2 acquired the Masten Unit in the Permian Basin, Texas. The Masten Unit is the Company’s first producing asset. G2 is targeting top tier projects with operating netbacks and infrastructure facilities which will fast track overall oil and gas production growth.

The Canadian Securities Exchange has neither approved nor disapproved the information contained herein.

Forward Looking Statements Caution

Statements in this press release regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, including expectations for the effects of the change of business of G2 to oil and gas, and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual results could differ materially from those currently anticipated due to factors such as: the performance of wells, the availability and performance of facilities and pipelines, the geological characteristics of G2’s properties, prevailing weather and break-up conditions, commodity prices, price volatility, price differentials and the actual prices received for the Company’s products, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, and G2’s ability to acquire additional assets. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially.