Gear Energy Ltd. Announces Extension of Borrowing Base Redetermination to December 18, 2020

CALGARY, AB, Nov. 30, 2020 /CNW/ - Gear Energy Ltd. ("Gear") (TSX: GXE) announces an extension to the scheduled date for its semi-annual borrowing base redetermination from November 30, 2020 to December 18, 2020.

Gear's syndicated credit facilities currently consist of available credit facilities of $70 million with the semi-annual redetermination due on or before November 30, 2020. Gear and its banking syndicate have agreed to extend the date for completion of the semi-annual borrowing base redetermination to December 18, 2020 to allow for additional time to finalize negotiations and to obtain required approvals.

SOURCE Gear Energy Ltd.