May 24 (Reuters) - Gear Energy Ltd GXE.TO :
* GEAR ENERGY LTD. ANNOUNCES UPDATE TO CREDIT FACILITIES
* GEAR ENERGY LTD - AMENDED CREDIT FACILITIES HAVE BEEN REDUCED FROM A TOTAL $115 MILLION TO $90 MILLION
* GEAR ENERGY - AMENDED CREDIT FACILITIES IS COMPRISED OF A $70 MILLION SYNDICATED REVOLVING TERM CREDIT FACILITY AND A $20 MILLION OPERATING CREDIT FACILITY
* GEAR ENERGY LTD - CURRENTLY, GEAR IS $70 MILLION DRAWN ON ITS CREDIT FACILITIES
* GEAR ENERGY - CREDIT FACILITIES REDUCTION IS RESULT OF A VARIETY OF FACTORS INCLUDING RECENT SUPREME COURT OF CANADA RULING ON REDWATER
* GEAR ENERGY LTD - AS OF MAY 31, NET DEBT INCLUSIVE OF CONVERTIBLE DEBENTURES IS FORECASTED TO BE APPROXIMATELY $74 MILLION
* GEAR ENERGY - TERMS OF AMENDED CREDIT FACILITIES REMAIN UNCHANGED WITH EXCEPTION OF ADDITIONAL COMPLIANCE, CONSENT AND REPORTING REQUIREMENTS