Market Overview

Gear Energy Ltd. Announces First Quarter 2018 Operating Results

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Gear Energy Ltd. Announces First Quarter 2018 Operating Results

Canada NewsWire

CALGARY, May 9, 2018 /CNW/ - Gear Energy Ltd. ("Gear" or the "Company") (TSX:GXE) is pleased to provide the following first quarter operating update to shareholders. Gear's Interim Financial Statements and related Management's Discussion and Analysis ("MD&A") for the period ended March 31, 2018 are available for review on Gear's website at www.gearenergy.com and on www.sedar.com.

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Three months ended

(Cdn$ thousands, except per boe amounts)

March 31, 2018

March 31, 2017

Dec 31, 2017

FINANCIAL




Funds from operations (1)

8,078

8,729

14,613


Per weighted average basic share

0.04

0.05

0.07


Per weighted average diluted share

0.04

0.04

0.07

Cash flow from operating activities

14,787

12,245

9,964

Net income (loss)

(4,294)

2,986

6,947


Per weighted average basic share

(0.02)

0.02

0.04


Per weighted average diluted share

(0.02)

0.01

0.03

Capital expenditures

9,243

18,784

12,307

Net acquisitions (2)

390

(68)

14

Net debt outstanding (1)

45,330

46,745

43,269

Weighted average shares, basic (thousands)

194,968

192,840

194,968

Weighted average shares, diluted (thousands)

194,968

209,652

211,310

Shares outstanding, end of period (thousands)

194,968

192,915

194,968





OPERATING




Production





Heavy oil (bbl/d)

4,231

3,739

4,760


Light and medium oil (bbl/d)

1,197

1,085

1,161


Natural gas liquids (bbl/d)

223

217

242


Natural gas (mcf/d)

5,229

5,197

5,566


Total (boe/d)

6,522

5,907

7,090

Average prices





Heavy oil ($/bbl)

42.97

43.13

49.18


Light and medium oil ($/bbl)

64.53

60.91

64.71


Natural gas liquids ($/bbl)

39.74

23.08

27.79


Natural gas ($/mcf)

1.66

3.00

1.90

Netback ($/boe)





Commodity and other sales

42.42

41.98

46.06


Royalties

(4.95)

(3.97)

(4.15)


Operating costs

(15.83)

(16.28)

(16.03)


Operating netback (1)

21.64

21.73

25.88

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