Gear Energy Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 04:28 pm EST
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Gear Energy Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was CAD 36.47 million compared to CAD 38.44 million a year ago. Net income was CAD 8.15 million compared to CAD 17.75 million a year ago. Basic earnings per share from continuing operations was CAD 0.03 compared to CAD 0.07 a year ago. Diluted earnings per share from continuing operations was CAD 0.03 compared to CAD 0.07 a year ago.
For the nine months, revenue was CAD 97.87 million compared to CAD 128.6 million a year ago. Net income was CAD 15.69 million compared to CAD 47.29 million a year ago. Basic earnings per share from continuing operations was CAD 0.06 compared to CAD 0.18 a year ago. Diluted earnings per share from continuing operations was CAD 0.06 compared to CAD 0.18 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.