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Gear Energy Ltd. Announces Second Quarter 2018 Operating Results

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Gear Energy Ltd. Announces Second Quarter 2018 Operating Results

Canada NewsWire

CALGARY, Aug. 8, 2018 /CNW/ - Gear Energy Ltd. ("Gear" or the "Company") (TSX:GXE) is pleased to provide the following second quarter operating update to shareholders. Gear's Interim Financial Statements and related Management's Discussion and Analysis ("MD&A") for the period ended June 30, 2018 are available for review on Gear's website at www.gearenergy.com and on www.sedar.com.

Financial Summary





Three months ended

Six months ended

(Cdn$ thousands, per boe amounts)

Jun 30,

2018

Jun 30,

2017

Mar 31,

2018

Jun 30,

2018

Jun 30,

2017

FINANCIAL






Funds from operations (1)

13,674

10,248

8,078

21,753

18,977


Per weighted average basic share

0.07

0.05

0.04

0.11

0.10


Per weighted average diluted share

0.07

0.05

0.04

0.11

0.09

Cash flow from operating activities

8,596

5,362

14,787

23,383

17,607

Net income (loss)

(1,869)

3,001

(4,294)

(6,163)

5,987


Per weighted average basic share

(0.01)

0.02

(0.02)

(0.03)

0.03


Per weighted average diluted share

(0.01)

0.01

(0.02)

(0.03)

0.03

Capital expenditures

6,385

6,161

9,243

15,628

24,945

Net acquisitions (2)

10

127

390

400

59

Net debt (1)

38,960

43,409

45,330

38,960

43,409

Weighted average shares, basic (thousands)

195,045

192,922

194,968

195,007

192,881

Weighted average shares, diluted (thousands)

195,045

208,971

194,968

195,007

209,074

Shares outstanding, end of period (thousands)

195,213

192,935

194,968

195,213

192,935







OPERATING






Production







Heavy oil (bbl/d)

4,774

3,887

4,231

4,504

3,813


Light and medium oil (bbl/d)

1,232

1,412

1,197

1,215

1,249


Natural gas liquids (bbl/d)

219

322

223

221

270


Natural gas (mcf/d)

4,806

5,334

5,229

5,016

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