Quarterly / Earnings Reports | Second Quarter (2Q) Update | Drilling Activity
Gear Energy Slows Heavy Oil Production in Q2; Completes Four Wells
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Gear Energy reported its Q2 2018 results.
Highlights:
- In the first quarter, as a result of limitations in shipping oil to market, Gear decided to temporarily slow its heavy oil production and built a record inventory of saleable oil in excess of 40,000 barrels. Egress problems were alleviated in the second quarter as a result of the seasonal increase in pipeline capacity, the improvement in rail services, and the temporary shut-down of a major oil sands project. As a result, Gear was able to sell those inventoried oil volumes throughout the second quarter of 2018 at improved prices. Gear estimates that approximately 500 barrels per day sold in the second quarter related to inventoried volumes.
Drilling Activity
Drilled and completed four gross (four net) wells during the second quarter in Paradise Hill. Subsequent to June 30, 2018, Gear has drilled an additional six wells in Paradise Hill and two multi-stage fractured wells in Hoosier.
In addition, Gear has recently initiated its light oil well drilling program in Wilson Creek. Second quarter production was somewhat reduced as several wells adjacent to active drilling operations were temporarily shut-in. As a result of the active summer drilling program, Gear is forecasting production to grow through the second half of the year.
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