G2 Energy Corp. announced that pursuant to the news release dated July 7, 2022 in connection with the acquisition of the additional oil and gas properties (the "HEXP Assets") located in the Permian Basin in Cochran County, Texas (the "Transaction"), the Company signed an amendment to the agreement with the sellers of the HEXP Assets on August 22, 2022 extending the previously announced targeted closing date of August 15, 2022 to October 17, 2022 (the "Closing Date"). In addition, as consideration for the extension of the Closing Date from August 15, 2022, to October 17, 2022, the Company has agreed to pay the sellers a further USD 200,000 deposit, which is being applied towards the purchase price of the Transaction.

Recap of the HEXP Assets: The HEXP Assets are situated in the Permian Basin which produces from the prolific San Andres formation. The San Andres formation is a carbonate formation that responds well to acid, fracturing, and horizontal well drilling. The San Andres vertical is refractable as the wells respond well to acid stimulations, potentially doubling production at minimal cash costs.

The HEXP Assets consist of five leases comprising 3,876 producing acres located within the vast, billion-barrel Levelland Field in Cochran County, Texas.