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Gear Energy Ltd. (T:GXE)

Business Focus: Oil & Gas Exploration and Production

Sector:  Energy Industry:  Oil & Gas Exploration and Production
See Regulatory Filings on SEDAR
Company Contact
Address: 2600-240 4 Ave SW
Tel: N/A
IR: See website
Key People
Donald T. Gray
Independent Chairman of the Board
Ingram Gillmore
President, Chief Executive Officer, Director
David Hwang
Chief Financial Officer, Vice President - Finance
Jason Kaluski
Vice President - Operations
Yvan Chretien
Vice President - Land
Bryan P. Dozzi
Vice President - Engineering
Dustin Ressler
Vice President - Exploration
Edward Brown
Corporate Secretary
Business Overview
Gear Energy Ltd. is an exploration and production company with heavy and light oil production in Central Alberta and West Central Saskatchewan. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. The Company's properties include Paradise Hill, Wildmere Cummings, Wilson Creek and Hoosier. Its Paradise Hill property is a heavy oil pool northeast of Lloydminster that produces from the McLaren zone, which consists of approximately 6.5 sections of prospective land with two overlapping sandstones, which are each approximately three meters thick. Its Wildmere Cummings property is a heavy oil pool southeast and northwest of its original Wildmere Lloyd pool. Its Wilson Creek property is located in Central Alberta. The primary target zone is the regional Basal Belly River formation, which is a light oil pool that requires hydraulic fracturing. Its Hoosier property is located in southern Saskatchewan.
Financial Overview
For the six months ended 30 June 2020, Gear Energy Ltd revenues decreased 22% to C$41.3M. Net loss increased from C$1.1M to C$115.5M. Revenues reflect Natural Gas Production, Total decrease of 9% to 649.2M cubic feet, Oil Equivalent Production (Units/day), T decrease of 32% to 5K barrels per day, Sales of Crude Oil, Natural Gas & Natura decrease of 65% to C$24.4M. Higher net loss reflects Gain on asset disposition decrease from C$776K (income) to C$0K.
Employees: 33 as of Dec 31, 2019
Reporting Currency: Canadian Dollars
Enterprise value: N/A
Annual revenue (TTM): $93.16M as of Jun 30, 2020
EBITDA (TTM): $51.45M as of Jun 30, 2020
Net annual income (TTM): -$120.07M as of Jun 30, 2020
Free cash flow (TTM): $2.47M as of Jun 30, 2020
Net Debt Last Fiscal Year: $66.32M as of Jun 30, 2020
Shares outstanding: 216,489,841 as of Jul 23, 2020
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization