Gear Energy Ltd. Announces Third Quarter 2013 Results; Record Cash Flow and Strong Operational Performance
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/15/13 -- Gear Energy Ltd. ("Gear" or the "Company") has filed on Sedar its interim financial statements and related Management's Discussion and Analysis (MD&A) for the three and nine months ended September 30, 2013. Selected financial and operational information is outlined below and should be read in conjunction with Gear's interim financial statements and the related MD&A which are available for review at or .
Gear Energy is pleased to provide the following third quarter operating update to shareholders. Operations in the third quarter generated record cash flows for the Company, as a result of solid operational performance combined with a strong pricing environment. The Gear team drilled 19 gross (16.4) net wells, the highest number of drills executed in a quarter since the inception of the Company. The results demonstrate continued success in execution of the 2013 development program as well as de-risking of Gear's new core area in Maidstone Saskatchewan. In conjunction with this third quarter release, Gear is pleased to announce that its board of directors has approved a $70 million capital budget for 2014. Please refer to Gear's release on its 2014 capital program and corresponding guidance.
HIGHLIGHTS
Forward-looking Information and Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "strategy" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: the 2014 and 2013 Guidance estimates, 2013 fourth quarter pricing, fourth quarter and 2014 royalty rate expectations, planned number of 2013 gross and net wells drilled, future operating costs to trend downwards, 2013 fourth quarter G&A increase, interest and financing cost decrease for the fourth quarter of 2013, financing sources for future capital drilling, Gear's estimates of normal course obligations, and a number of other matters, including the amount of future decommissioning costs; future liquidity and financial capacity; future results from operations and operating metrics; future costs, expenses and royalty rates; future interest costs; and future development, exploration, acquisition and development activities (including drilling plans) and related capital expenditures.
The forward-looking information and statements contained in this news release reflect several material factors and expectations and assumptions of Gear including, without limitation: that Gear will continue to conduct its operations in a manner consistent with past operations; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; the accuracy of the estimates of Gear's reserves and resource volumes; certain commodity price and other cost assumptions; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures. Gear believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Gear's products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Gear or by third party operators of Gear's properties, increased debt levels or debt service requirements; inaccurate estimation of Gear's oil and gas reserve and resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time to time in Gear's public
The forward-looking information and statements contained in this news release speak only as of the date of this news release, and Gear does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
Barrels of Oil Equivalent
Disclosure provided herein in respect of BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of six Mcf to one Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and do not represent a value equivalency at the wellhead. Additionally, given that the value ratio based on the current price of crude oil, as compared to natural gas, is significantly different from the energy equivalency of 6:1; utilizing a conversion ratio of 6:1 may be misleading as an indication of value.
Initial Production Rates
Any references in this document to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Gear.
Contacts:
Gear Energy Ltd.
Ingram Gillmore
President & CEO
403-538-8463
Gear Energy Ltd.
David Hwang
Vice President Finance & CFO
403-538-8437
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Datum: 15.11.2013 - 13:00 Uhr
Sprache: Deutsch
News-ID 317094
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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