Gear Energy Ltd. Announces Operating Results for the First Quarter Ended March 31, 2019; Provides Production Guidance for the Year 2019
May 08, 2019 at 09:01 pm
Share
Gear Energy Ltd. announced Operating Results for the first quarter ended March 31, 2019. For the quarter, the company reported total production of 6,877 boe/d against 6,522 boe/d reported last year.
The company also provided production guidance for the year 2019. For the year, the company now expects average production to be in the range of 6,800 boe/d – 7,100 boe/d, heavy oil of 56%, light/medium oil and NGLs of 34%, interest expense of CAD 1.50/boe and capital and abandonment expenditures of CAD 42.5 million.
Gear Energy Ltd. is a Canadian exploration and production company with heavy and light oil production in Central Alberta, West Central Saskatchewan and Southeast Saskatchewan. The Company carries on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its properties include Celtic/Paradise Hill, Saskatchewan; Wildmere Area, Alberta; Wilson Creek, Alberta, and Tableland, Saskatchewan. The Celtic/Paradise Hill is located within Township 52, and Ranges 23 and 24 W3 and is approximately 40 kilometers northeast of Lloydminster, Alberta. The Wildmere field is located within Townships 47, 48 and 49, and Ranges 3, 4, 5 and 6W4, is approximately 200 kilometers southeast of Edmonton, Alberta. The property consists of approximately 24,325 gross (23,000 net) acres of lands. The Tableland property development is predominately focused on the Three Forks/Torquay formation, with minor production from the Bakken and Ratcliffe formations.
GEAR ENERGY LTD. 
