Gear Energy Ltd. Revises Production Guidance for Third Quarter, Full Year of 2022 and First Quarter of 2023
July 28, 2022 at 01:51 am IST
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Gear Energy Ltd. revised production Guidance for the third quarter, full year 2022 and first quarter of 2023. For the period, the 2022 Revised Guidance production to be 5,700 boe per day - 5,900 boe per day as compared to 2022 Previous Guidance 5,900 boe per day - 6,000 boe per day.
For the third quarter, production is expected to be approximately 5,500 boe per day in July
For the first quarter of 2023, the company expected production to be 6,400 boe per day .
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.