Feb 1 (Reuters) - Gear Energy Ltd GXE.TO :
* Says sales production averaged 5,015 boe/d for the fourth quarter
* Says original 2016 capital budget of $31 million to drill 36 low risk
horizontal oil wells will not be initiated
* Says sales production averaged 5,015 boe/d for the fourth quarter
* Says Gear has shut-in approximately 250 bbl/d of production since the fall of
2015
* Says shareholders and readers should no longer rely on the previously
published 2016 guidance
* Sees 2016 first half average production 4,150 boe/d
* Total corporate production is anticipated to decline through H1 2016 due to
shut-ins and the limited development activity
* Source text for Eikon ID:nMKWcK3Fma
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