announces that it anticipates a temporary delay in the filing of the financial statements and the application for the management cease trade order
Vancouver, British Columbia – TheNewswire – October 28, 2022. G2 Energy Corp. (CSE: GTOO), (FKN: UD9), (OTC: GTGEF) (there “Company” Where “G2“) announced today that it will be delayed in filing its audited annual financial statements, MD&A and related certifications for the year ended June 30, 2022 (the “Annual statements“) no later than the filing deadline of October 28, 2022.
The delay is due to the company undergoing a change of business to an oil and gas company which was completed earlier this year in June. As a result, the annual audit takes longer than expected and DMCL the Company’s auditors, Dale Matheson Carr-Hilton LaBonte LLP (“DMCL“) will require more time to complete the audit since the annual declarations are more complex than in previous years.
Sam Wong, the company’s Chief Financial Officer, said, “G2 has seen a number of significant and positive changes over the past fiscal year. Therefore, the annual audit takes longer than expected. Our finance team in Canada and the United States works hard and cooperates fully with the auditors to ensure that we file the highest quality financial statements.
DMCL and the Company anticipate that the audit will be completed before November 30, 2022, and there are no impediments to completion other than the time required by DCML.
Accordingly, the Company has requested the issuance of a management cease trade order pursuant to the provisions of National Policy 12-203 Cease Trade Orders for Continuing Disclosure Failures (“NP 12-203“) to permit continued trading of the common shares of the Company by persons other than insiders and employees of the Company. The Company is working closely with its auditor and expects to complete the audit of the annual statements and file them on SEDAR by November 30, 2022.
The Company confirms that it intends to comply with the provisions of Article 4.4 of IG 12-203 and to issue default status reports every two weeks as long as the Company remains in default of the filing requirement for financial statements. This report will disclose any material changes to the information contained in this release; all measures taken by the Company to remedy the default; details of any breach by the Company of these provisions; any subsequent default by the Company requiring notice of default; and any other material information regarding the business of the Company not previously disclosed. The Company is not subject to any insolvency proceedings and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
On behalf of the Board of Directors,
Sam Wang, CFO
About G2 Energy Corp.
G2 Energy Corp. is a profitable junior oil and gas producer listed on the CSE stock exchange. Its main objective is to acquire and develop other 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, in the United States. In May 2022, G2 acquired the Masten unit in the Permian Basin, Texas. The Masten unit is the Company’s first production asset. G2 targets premier projects with net operating revenues and infrastructure facilities that will accelerate overall oil and gas production growth.
The Canadian Securities Exchange has neither approved nor disapproved of the information contained in this document.
Forward-Looking Statements Caution
Statements in this press release about the Company that are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forward-looking statements such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue”. or the negative thereof or similar variations. . Because 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 on the effects of the change in activity from the G2 to oil and gas, and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, such information is subject to inherent risks and uncertainties which 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 are not correct and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include, but are not limited to, those identified and disclosed in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Statements relating to “reserves” are also considered forward-looking statements because they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities expected or estimated and that the reserves can be produced profitable in the future. Actual results could differ materially from those currently anticipated due to factors such as: well performance, facility and pipeline availability and performance, geological characteristics of G2 properties, weather and break-up conditions, commodity prices, price volatility, price differentials and actual prices receipts for the Company’s products, royalty regimes and exchange rates, enforcement of regulatory and licensing requirements, availability of capital, labor and services, creditworthiness of partners industrial companies 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 the forward-looking information, there may be other factors that cause the actions , events or results are not those 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.