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March 28 (Reuters) - Gear Energy Ltd :
* Gear Energy Ltd announces $10 million 2016 capital budget
* Says "fundamentals of oil market have begun to improve dramatically from lows seen early in 2016"
* Sees 2016 average production of 4,000 boe/d
* Under current strip price forecast co expects being about 75 percent drawn on existing $60 million syndicated credit facility at June 1, 2016 Source text for Eikon: Further company coverage: