BRIEF-Gear Energy announces $10 mln 2016 capital budget

Mon Mar 28, 2016 5:34pm EDT
 
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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: