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, 2017 are available for review on Gear's website at www.gearenergy.com
Gear Energy production and growth opportunities are split between the East Central area of Alberta and West Central area of Saskatchewan.
Gear Energy operates the core heavy oil producing areas of Wildmere, Lloyd, Wildmere Cummings, Vermillion, Morgan, Lindbergh and ElkPoint. Exposure to significant oil in place provides conventional production and a suite of low-risk drilling opportunities, as well as longer-term flooding opportunities.
Development of Gear operated heavy oil in the Maidstone area of Saskatchewan began in 2013 and generated positive initial results from various reservoirs. An acquisition in 2014 resulted in the addition of two new core areas in Celtic and Gully Lake. Further development and exploration drilling in Saskatchewan is targeting expansion of Gear's inventory of locations and adding to the company's list of future flooding candidates.
SOURCE: Gear Energy Ltd.
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