Gear Energy Ltd. Reports Operational Update for the First Three Months of 2020; Provides Production Guidance for the Full Year 2020
March 10, 2020
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Gear Energy Ltd. reported operational update for first three months of 2020. The company drilled nine new wells, Two Lindbergh Cummings multi-lateral heavy oil wells, following up on the successful first well drilled into this new area in 2018. Initial production from the wells is meeting expectations. Two wells drilled into new core areas; one a multi-lateral medium oil well and the other a single leg lined heavy oil well. Both wells are on production and have successfully de-risked incremental future drilling locations. Four Paradise Hill McLaren single lateral heavy oil wells, which have not yet been brought on production. One Killam Lloydminster multi-stage fractured medium oil well, drilled within the waterflooded area of the pool. The well has not yet been brought on production.
The company provided production guidance for the Full Year 2020. The company expects annual average production to be approximately 6,000 boe per day, 56% heavy oil, 29% light and medium oil, 3% NGLs and 12% natural gas.
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. 
