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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: siempre33 who wrote (6430)	4/30/2014 10:43:32 PM
From: Goose94	Read Replies (2) \| Respond to of 203397

Gear Energy (GXE-T) April 30, '14 has closed the acquisition of certain heavy oil assets in its core areas, as previously announced on April 24, 2014, for $85-million, subject to postclosing adjustments. The acquisition is consistent with Gear's strategy of acquiring underexploited, geographically focused assets, and provides a material increase in low-risk future drilling opportunities. Gear's team has already identified 175 net drilling locations on the assets, increasing Gear's drilling inventory to approximately 400 locations. Gear has also identified approximately 60 net recompletion opportunities on existing vertical wells. Based on the current 2014 drilling pace, Gear's drilling inventory will now be greater than five years. Gear estimates total corporate production at closing of over 7,000 barrels of oil equivalent per day (97 per cent oil weighted).