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Gear Energy Ltd T.GXE

Alternate Symbol(s):  GENGF

Energy Oil & Gas E&P
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.


TSX:GXE - Post by User

Gear Energy Ltd
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Post by lovehockeyon Jun 12, 2023 1:36pm
71 Views
Post# 35491841

20.7MM out of the 26MM of SPR is released

20.7MM out of the 26MM of SPR is released[url=https://https://twitter.com/staunovo/status/1668304906409717764?t=ilQFDK3Cd0DoSPfBW_ie5A&s=19]https://twitter.com/staunovo/status/1668304906409717764?t=ilQFDK3Cd0DoSPfBW_ie5A&s=19[/url]

So only about 5.3MM is all that is left from the planned 26MM release - about 18 days of drain is left at this pace. What are they going to do after? My guess is they will take a break, perhaps 2 months and when the price of oil jumps again they will have no choice but to ope SPR taps again. They will have to continue (or I should say prolong) otherwise they will end up in lose lose situation with more than half of SPR drained and the oil prices still climbing. 
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