Gear Energy Ltd. announced an amended credit facility following a semi-annual review by its bank syndicate and a new executive appointment. The credit facility has been amended to a borrowing base of $90 million, a reduction from its previous $130 million borrowing base. The reduction is primarily a result of reduced commodity pricing and had been anticipated at the beginning of 2015, with Gear proactively reducing debt levels for the first half of 2015. As of June 30, 2015, Gear has drawn $81.1 million against its credit facility. The next scheduled review is to be complete by November 1, 2015.

The company announced that Bryan Dozzi has been appointed Vice President Engineering effective immediately. Mr. Dozzi is an exploitation engineer with 29 years of oil and gas experience across Western Canada and was most recently Gear's engineering manager. Prior to that, he was Vice President Business Development at Rock Energy Inc.