Ingram Gillmore, President and Chief Executive Officer of Gear Energy Ltd. (TSX: GXE), presented today at EnerCom’s The Oil & Gas Conference 20®.
Gear Energy is a Canadian exploration and production company with predominantly horizontal heavy oil production in east central Alberta and west central Saskatchewan. The current and ongoing business plan is to continue focusing on being a low cost heavy oil operator, drilling economic wells and acquiring assets on an accretive basis.
In its second quarter 2015 results, Gear continued its company focus on being the lowest cost heavy oil producer. The company decreased net debt by $11.6 million and increased operating cash flow to $14.9 million. Sales production for the remainder of 2015 is expected to be approximately 5,650 BOEPD.
During the company’s breakout session, management was asked the following questions:
- How much cash flow do you need to maintain a flat production profile?
- What are your 2P and 3P reserves numbers?
- In this low price environment, what are the next steps?
- How are you faring in this environment now?
- How much further do you believe you can drop your well costs?
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