Brief: Gear Energy announces $10 mln 2016 capital budget

Gear Energy

28/03/2016 22:08

March 28 (Reuters) - Gear Energy Ltd  GXE.TO : 
    * Gear Energy Ltd announces $10 million 2016 capital budget 
    * Says "fundamentals of oil market have begun to improve 
dramatically from lows seen early in 2016" 
    * Sees 2016 average production of 4,000 boe/d 
    * Under current strip price forecast co expects being about 
75 percent drawn on existing $60 million syndicated credit 
facility at June 1, 2016 
 
Source text for Eikon:  ID:nMKWJqcBha  
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