Gear Energy extends borrowing base redetermination date

Chicago, May 27 – Gear Energy Ltd. said that it has extended the date for its semiannual borrowing base redetermination, according to a news release.

As of March 31, Gear’s syndicated credit facilities consisted of C$90 million of available credit facilities with the next redetermination date on or before May 28.

In light of ongoing economic volatility, Gear and its banking syndicate have agreed to extend the redetermination date to June 30 from May 28.

During the extension, the company has agreed that borrowings under the facilities will not exceed C$75 million.

As of May 27, Gear has drawn approximately C$68.1 million, inclusive of letters of credit.

Calgary, Alta.-based Gear Energy is a heavy oil focused publicly traded exploration and production company.

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