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Gear Energy Ltd. announces an amended credit facility following a semi-annual review by its bank syndicate and a new executive appointment.
The credit facility has been amended to a borrowing base of $90 million, a reduction from its previous $130 million borrowing base. The reduction is primarily a result of reduced commodity pricing and had been anticipated at the beginning of 2015, with Gear proactively reducing debt levels for the first half of 2015. As of June 30, 2015, Gear has drawn $81.1 million against its credit facility. The next scheduled review is to be complete by November 1, 2015.
Based on previously disclosed 2015 Guidance and the current outlook on commodity prices as of June 30, 2015, Gear expects to have sufficient liquidity to execute its 2015 capital program, with an expected net debt of $77 million by December 31, 2015 and a full year 2015 debt to cash flow ratio of 1.6 times.
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