Gear Energy Ltd. Announces an Amended Credit Facility; Appoints Bryan Dozzi as Vice President Engineering
June 30, 2015 at 05:23 pm EDT
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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.
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.