Brief: Gear Energy says sales production averaged 5,015 boe/d for Q4 and revised Outlook for 2016

Gear Energy

01/02/2016 22:58

Feb 1 (Reuters) - Gear Energy Ltd  GXE.TO : 
 * Says sales production averaged 5,015 boe/d for the fourth quarter 
 * Says original 2016 capital budget of $31 million to drill 36 low risk 
   horizontal oil wells will not be initiated 
 * Says sales production averaged 5,015 boe/d for the fourth quarter 
 * Says Gear has shut-in approximately 250 bbl/d of production since the fall of 
   2015 
 * Says shareholders and readers should no longer rely on the previously 
   published 2016 guidance 
 * Sees 2016 first half average production 4,150 boe/d 
 * Total corporate production is anticipated to decline through H1 2016 due to 
   shut-ins and the limited development activity 
 
 * Source text for Eikon  ID:nMKWcK3Fma  
 
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