Oct 16 (Reuters) - Gear Energy Ltd GXE.TO :
* Announces 2015 operational update and revised 2015 capital guidance
* Says stable field production of approximately 5,500 boe/d was realized during
the third quarter of 2015
* Says in order to maximize cash flow, Gear has reduced salaries by an average
of nine per cent in both Calgary and the field
* Says Gear expects to accomplish the existing production guidance of 5,700 to
5,900 boe/d for calendar 2015
* Says will reduce the 2015 capital program from $25 million to $15 million
* Says production expectations for the year are being maintained despite a 40
per cent reduction in capital plans
* Reduced salaries resulting in lower estimates for both general and
administrative costs during fourth quarter and into 2016
* Estimated sales production for quarter came in slightly lower due to
temporary production shut-ins,shipping deferrals implemented in September.
* Source text for Eikon ID:nCCN53XkSR
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