Brief: Gear Energy to reduce 2015 capital program to $15 mln from $25 mln

Gear Energy

16/10/2015 12:59

Oct 16 (Reuters) - Gear Energy Ltd  GXE.TO : 
 * Announces 2015 operational update and revised 2015 capital guidance 
 * Says stable field production of approximately 5,500 boe/d was realized during 
   the third quarter of 2015 
 * Says in order to maximize cash flow, Gear has reduced salaries by an average 
   of nine per cent in both Calgary and the field 
 * Says Gear expects to accomplish the existing production guidance of 5,700 to 
   5,900 boe/d for calendar 2015 
 * Says will reduce the 2015 capital program from $25 million to $15 million 
 * Says production expectations for the year are being maintained despite a 40 
   per cent reduction in capital plans 
 * Reduced salaries resulting in lower estimates for both general and 
   administrative costs during fourth quarter and into 2016 
 * Estimated sales production for quarter came in slightly lower due to 
   temporary production shut-ins,shipping deferrals implemented in September. 
 
 * Source text for Eikon  ID:nCCN53XkSR  
 
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