Gear Energy (TSX:GXE) Commenced Trading on the Toronto Stock Exchange - Video News Alert on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 20, 2013 - Gear Energy (TSX:GXE) has
commenced trading on the Toronto Stock Exchange, and qualified for its listing
by way of a Non-Offering Prospectus. The company is an Alberta-based, growth-
oriented, junior oil and gas company engaged in the exploration for, and the
acquisition, development and production of, oil and natural gas reserves, with a
focus on heavy oil.
InvestmentPitch.com has produced a "video news alert" about Gear Energy based on
this news. If this link is not enabled, please visit www.InvestmentPitch.com and
enter "Gear" in the search box.
All of the company's oil and gas properties are located in the Western
Sedimentary Basin, specifically Alberta, British Columbia and Saskatchewan. Over
the last three fiscal years, Gear has added 90 sections of land to the core
heavy oil operating area through a combination of crown sale purchases and
acquisitions from other operators. The company's land position includes 74,000
acres of developed and 72,250 acres of undeveloped land as at December 31, 2012.
In July the company commenced drilling with a new contracted super-single rig,
which has increased the efficiency of the company's drilling program, reducing
drilling days per well. In addition, the drill rig has allowed Gear to drill 4
well pads and full section length wells, reducing capital costs and increasing
well productivity.
To date in 2013 the company drilled 41 net oil locations of which 93% were
horizontal, with the October sales estimate at 4,500 barrels of oil equivalent
per day.
Operations in the 3rd quarter generated record cash flows of $12.1 million, as a
result of solid operational performance combined with a strong pricing
environment. Cash flow is expected to remain strong into the 4th quarter as
sales volumes increase, offset by lower prices.
The company recently announced a $70 million capital budget for 2014, and
expects to drill another 55 net wells.
Gear's management team has a demonstrated track record of bringing together key
components for a successful exploration and production company.
The company has 54 million shares outstanding, and with the current market at
$2.75 is capitalized at $148.4 million.
For more information, please visit the company's website www.gearenergy.com or
contact Ingram Gilmore, President & CEO at 403-538-8463 or email
igilmore(at)gearenergy.com.
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Unternehmensinformation / Kurzprofil:
Datum: 20.11.2013 - 18:06 Uhr
Sprache: Deutsch
News-ID 318862
Anzahl Zeichen: 3835
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Kategorie:
Business News
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