Production up Debt down
Gear continues to strengthen a strong balance sheet, with a net debt to quarterly annualized funds from operations ratio of 0.1 times. Net debt decreased from $9.1 million on June 30, 2024 to $5.1 million on September 30, 2024. See "Non-GAAP and Other Financial Measures" in this press release.
Production for the third quarter of 2024 was 5,771 boe per day, a 3% increase over the 5,621 boe per day reported for the second quarter of 2024. The increase is attributed to new production from Gear's successful 2024 drilling program as well as an increase in Killam, Alberta due to the completion of a natural gas tie-in of associated gas from Gear's Killam oil wells to alleviate third party gas take-away constraints. With low natural gas prices, Gear also shut-in two gas fields for the third quarter, which previously produced a combined 41 boe per day. As a result of strong production, Gear is forecasting production at the upper end of its 5,400 to 5,600 boe per day annualized production range.
based on above reducing debt 1.3333 mil per month
so current should be about 3.8 mil end of oct and zero by end of Jan ?
results were way better than i expected