Gear Energy Ltd. Announces Production Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 21, 2024 at 05:30 pm EST
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Gear Energy Ltd. announced production results for the fourth quarter and full year ended December 31, 2023. For the quarter, the company reported Heavy oil production of 2,937 bbl/d compared to 2,772 bbl/d a year ago. Light and medium oil production was 1,920 bbl/d compared to 1,835 bbl/d a year ago. Natural gas liquids production was 327 bbl/d compared to 299 bbl/d a year ago. Natural gas production was 4,893 mcg/d compared to 5,091 mcf/d a year ago. Total Production was 6,000 boe/d compared to 5,755 boe/d a year ago.
For the full year, the company reported Heavy oil production of 2,743 bbl/d compared to 2,760 bbl/d a year ago. Light and medium oil production was 1,952 bbl/d compared to 1,842 bbl/d a year ago. Natural gas liquids production was 283 bbl/d compared to 283 bbl/d a year ago. Natural gas production was 4,938 mcg/d compared to 5,124 mcf/d a year ago. Total Production was 5,801 boe/d compared to 5,739 boe/d a year ago.
Gear Energy Ltd. is a Canadian exploration and production company with heavy and light oil production in Central Alberta, West Central Saskatchewan and Southeast Saskatchewan. The Company carries on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its properties include Celtic/Paradise Hill, Saskatchewan; Wildmere Area, Alberta; Wilson Creek, Alberta, and Tableland, Saskatchewan. The Celtic/Paradise Hill is located within Township 52, and Ranges 23 and 24 W3 and is approximately 40 kilometers northeast of Lloydminster, Alberta. The Wildmere field is located within Townships 47, 48 and 49, and Ranges 3, 4, 5 and 6W4, is approximately 200 kilometers southeast of Edmonton, Alberta. The property consists of approximately 24,325 gross (23,000 net) acres of lands. The Tableland property development is predominately focused on the Three Forks/Torquay formation, with minor production from the Bakken and Ratcliffe formations.
GEAR ENERGY LTD. 
