Gear Energy Ltd.

Gear Energy Ltd. has completed its annual borrowing base redetermination and the syndicated credit facilities have been confirmed at $75 million with a maturity date of May 28, 2021. In addition, there are three repayment dates and corresponding reductions of the borrowing base scheduled for September 30, 2020, December 31, 2020, and March 31, 2021 of $5 million each. Adjustments have also been made to the interest rate [...]

Gear Energy Ltd. announces an update on current and future expected operations and an extension to the scheduled date for its semi-annual borrowing base redetermination. Production/Guidance With recent improvement in oil prices supporting positive economic returns, Gear has initiated a gradual production re-start across the majority of the asset base. After initiating shut ins through April, corporate production was [...]

Gear Energy Ltd. announces an extension to the scheduled date for its semi-annual borrowing base redetermination. As at March 31, 2020, Gear's syndicated credit facilities consisted of available credit facilities of $90 million with the next semi-annual redetermination due on or before May 28, 2020. In light of ongoing economic volatility, Gear and its banking syndicate have agreed to extend the date for completion of the [...]

Gear Energy Ltd. is pleased to announce that the nominees listed in the management proxy circular dated March 17, 2020 were elected as directors of Gear. The detailed results of the vote for the election of directors held at Gear's annual meeting of shareholders held today are set out below. On a vote by ballot, each of the following seven nominees proposed by management was elected as a director of Gear: Nominee Outcome [...]

Gear Energy Ltd. is providing the following first quarter operating update to shareholders. Gear's Interim Condensed Consolidated Financial Statements and related Management's Discussion and Analysis for the period ended March 31, 2020 are available for review on Gear's website at www.gearenergy.com and on www.sedar.com. Three months ended Mar 31, 2020 Mar 31, 2019 Dec 31, 2019 FINANCIAL Funds from operations 6,258 15,032 [...]

Gear Energy Ltd. announces that it has changed the location of its annual meeting of shareholders scheduled for Wednesday, May 6, 2020. The Meeting will now be held at the offices of Burnet, Duckworth & Palmer LLP at 2400, 525 – 8th Avenue SW, Calgary AB T2P 1G1. Due to the ongoing COVID-19 pandemic, the original meeting location was no longer available. The date and time of the Meeting have not changed. The details of [...]

Gear Energy Ltd. announces revisions to the outlook for the second quarter of 2020. Oil prices continue to be depressed as a result of demand destruction due to the impacts of COVID-19 on the global economy. With this weakness and uncertainty in the price of oil looking to extend through the second quarter of 2020, Gear has chosen to immediately pursue reductions to the variable costs of the business in an effort to [...]

Gear Energy Ltd. announces revisions to the 2020 budget guidance and an update on operations to date in 2020. 2020 GUIDANCE Given the current weakness and uncertainty in the future price of oil, Gear has chosen to immediately implement a material reduction to its planned capital program for the remainder of 2020. All future 2020 non-discretionary capital spending will be placed on hold until prices recover to more [...]

Gear Energy Ltd. is pleased to provide the following fourth quarter operating update to shareholders. Gear's Consolidated Financial Statements and related Management's Discussion and Analysis for the period ended December 31, 2019 are available for review on Gear's website at www.gearenergy.com and on www.sedar.com. Financial Summary Three months ended Twelve months ended Dec 31, 2019 Dec 31, 2018 Sep 30, 2019 Dec 31 [...]

Gear Energy Ltd. is pleased to present the following results and analysis of its 2019 year-end independent reserve report prepared by its independent evaluator Sproule Associates Limited . During 2019, Gear generated $61.8 million of funds from operations and reinvested $38.9 million, or 63 per cent, consisting of $37.0 million of development capital and $2.9 million directed towards abandonment and reclamation [...]