Gear Energy Ltd. Reports Production Results for the Fourth Quarter and Full Year Ended December 31, 2019; Provides Production Guidance for the Fourth Quarter and Full Year 2020
February 20, 2020 at 01:00 pm
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Gear Energy Ltd. Reported production results for the fourth quarter and full year ended December 31, 2019. For the quarter, the company produced heavy oil of 4,034 bbl/d compared to 4,064 bbl/d a year ago. Light and medium oil was 1,763 bbl/d compared to 1,834 bbl/d a year ago. Natural gas liquids was 269 bbl/d compared to 267 bbl/d a year ago. Natural gas was 4,935 mcf/d compared to 4,091 mcf/d a year ago. Total production was 6,888 boe/d compared to 6,847 boe/d a year ago.
For the full year, the company produced heavy oil of 4,053 bbl/d compared to 4,388 bbl/d a year ago. Light and medium oil was 1,963 bbl/d compared to 1,374 bbl/d a year ago. Natural gas liquids was 238 bbl/d compared to 244 bbl/d a year ago. Natural gas was 4,252 mcf/d compared to 4,680 mcf/d a year ago. Total production was 6,962 boe/d compared to 6,786 boe/d a year ago.
The company provided production guidance for the fourth quarter and full year 2020. For the fourth quarter, the company expects Production will be more than 7,400 boe/d.
For the full year, the company expects Annual Production of 7,000 boe/d.
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. Reports Production Results for the Fourth Quarter and Full Year Ended December 31, 2019; Provides Production Guidance for the Fourth Quarter and Full Year 2020
GEAR ENERGY LTD. 
