G2 announces reserves update

    IN THE U.S./


    CALGARY, March 20 /CNW/ - Summarized in the table below are the
consolidated reserve volumes and values for G2 as at December 31, 2007.

    Summary of the Evaluation of the Company's P&NG Reserves -
    Escalating Price Forecast
                                 G2 Interest
                              Interest    Net          Net Present Values
                               (before  (after        Before Income Taxes
                               royalty  royalty          Discounted At
                               deduct-  deduct-  ----------------------------
                                ions)     ions)       0%        5%       10%
                                                   ($000)    ($000)    ($000)

    Natural Gas (mmcf)
      Total proved             3,710     2,856    12,936    10,696     9,166
      Total probable           2,652     1,970    10,710     7,351     5,358
      Total proved plus
       probable                6,362     4,826    23,646    18,047    14,524

    Oil & Natural Gas
     Liquids (mbbls)
      Total proved               339       254     4,402     3,909     3,519
      Total probable             223       156     1,784     1,330     1,022
      Total proved plus
       probable                  562       410     6,186     5,239     4,541

    Total (mboe)
      Proved                     957       730    17,338    14,606    12,686
      Probable                   664       484    12,494     8,680     6,379
      Total proved plus
       probable                1,622     1,214    29,832    23,286    19,065

    These reserve estimates were contained in a reserve report with an
effective date of December 31, 2007, prepared for G2 by Sproule Associates
Limited ("Sproule"), independent petroleum engineers of Calgary, Alberta. The
Sproule report provides an estimate of the company's proved and probable
reserves together with forecasts of future net revenue, using assumptions and
methodology guidelines in accordance with National Instrument 51-101.
Estimated future net revenue, disclosed above as "Net Present Values", does
not necessarily represent the fair market value of the Company's reserves. The
price assumptions underlying the estimates were prepared by Sproule and there
is no assurance that escalating price and costs assumptions will be attained
and the variance could be material.
    It should be noted that the Sproule report includes G2's interest in the
Trutch property. This interest was sold effective January 1, 2008, for
$6 million as previously disclosed in G2's press release dated March 12, 2008.
The Sproule report assigned gross proved and probable reserves of 311 mboe,
and 234 mboe net proved and probable reserves to the Trutch property. The Net
Present Values of the Trutch property outlined in the Sproule report were
$4.6 million, $3.9 million, and $3.4 million at 0%, 5%, and 10% discount rates
    G2 intends to make its annual filings pursuant to National Instrument
51-101 on or before April 29, 2008. When filed, copies of these documents may
be obtained electronically from the SEDAR system at www.sedar.com.

    Statements in this press release may contain forward-looking statements
including management's assessment of G2's future plans and operations.
Information concerning reserves may also be deemed to be forward-looking
statements as such estimates involve the implied assessment that the resources
described can be profitably produced in future. 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 background risks of the oil and gas
industry (e.g., operational risks in development, exploration and production;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks),
and uncertainties resulting from potential delays or changes in plans with
respect to exploration, development projects, capital expenditures or
    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.


For further information:

For further information: Curtis A. Hartzler, President and CEO, G2
Resources Inc., Phone (403) 263-4310 ext. 102, Fax No. (403) 263-4368; Derek
J. Batorowski, Chief Financial Officer, G2 Resources Inc., Phone (403)
263-4310 ext. 104, Fax No. (403) 263-4368

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