G2 announces Windfall tie-ins



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
    THE U.S./

    TRADING SYMBOL - GRT

    CALGARY, Jan. 23 /CNW/ - G2 Resources Inc. ("G2") (TSXV - "GRT")
announced today that it has now completed the pipeline and facilities required
for production of the Windfall 102/3-36-59-16W5 well which was drilled
recently by G2 and partners. Final metering and electronics equipment will be
installed over the few days, followed by the immediate commissioning of the
site facility. The well has been flow tested and the results indicate a
wellhead absolute open flow (AOF) rate of 2.5 mmscf/day. G2 plans to place the
well on production at an initial flow rate of 1.0 mmscf/day which, after
processing and when combined with the produced condensate, will yield a total
production of approximately 210 boe/day. The production rate and pressures
will be monitored and production rates may be ramped up based on well
performance. G2 has a 33% working interest in this well which was drilled to a
total depth of 9,088 feet and encountered 43 feet of net pay in the Nisku.
    Pipelining for the second well at 11-26-59-16 W5M has also been
completed. G2 has a 38% interest in this well which was drilled to a total
vertical depth of 8678 feet and encountered 66 feet of net pay in 4 different
intervals in the Winterburn group. The total pay is comprised of 26 feet in
the Blueridge formation, and 40 feet in the Nisku formation. The lower
intervals in the Nisku were perforated and briefly flow-tested liquid rich
natural gas on cleanup before a temporary plug was set above the zone. The
overlying Blueridge interval was then perforated, acid treated and briefly
flow tested liquid rich natural gas on cleanup. A potential third pay zone in
the overlying Wabamun formation was also encountered in the wellbore however
this zone has not yet been perforated or tested. Service rig activity was
required to be shut down at that time because the 11-26 well is located in a
wildlife protected area which restricts further major activity until
April 15th. It is expected that G2 and partners will be able to return to this
well immediately after spring breakup and resume testing and analysis of the
well in preparation for placing it on production.

    Per barrel of oil equivalent ("boe") amounts may be misleading,
particularly if used in isolation. A boe conversion ratio has been calculated
using a conversion rate of six thousand cubic feet of natural gas to one
barrel of oil (6 Mcf: 1 bbl) and is based on an energy equivalency conversion
method applicable at the burner tip and does not represent a value equivalency
at the wellhead.

    FORWARD LOOKING STATEMENTS

    This press release may contain forward-looking statements including
expectations of future production, cash flow and earnings. These statements
are based on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ from those
anticipated. These risks include, but are not limited to: the risks associated
with the oil and gas industry (e.g. operational risks in development,
exploration and production, delays or changes to plans with respect to
exploration or development projects or capital expenditures or availability of
drilling equipment; the uncertainty of reserve estimates; the uncertainty of
estimates and projects relating to production, costs and expenses, and
environmental risks), commodity price, price and exchange rate fluctuation.
Additional information on these and other factors that could affect G2's
operations or financial results are included in management's discussion and
analysis of G2's quarterly financial results filed with Canadian securities
regulatory authorities that may be accessed at www.sedar.com.

    The TSX Venture Exchange Inc. does not accept responsibility for the
    adequacy or accuracy of this release.

    %SEDAR: 00022497E




For further information:

For further information: Curtis A. Hartzler, President and CEO, G2
Resources Inc., Phone (403) 263-4310, Fax No. (403) 263-4368

Organization Profile

G2 RESOURCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890