Nov 10 (Reuters) - Gear Energy Ltd GXE.TO :
* Announces $25.8 million financing, 2016 capital budget and provides banking
update
* Announced approval of a $31.0 million 2016 development capital budget
* Proceeds of offering will initially be used to reduce bank indebtedness,
which may be redrawn to fund 2016 capital expenditure program
* Approximately 86 per cent of the 2016 budget is expected to be dedicated to
drilling low risk horizontal wells
* Gear's 2016 budget includes estimates for continued cost reductions when
compared to 2015 guidance"
* Sees 2016 annual production (boe/d) 5,100 to 5,400
* Concurrent with closing of offering, borrowing base under syndicated demand
bank facilities of company will be reduced to $60.0 million
* Source text for Eikon ID:nMKWtP3lja
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