Alongside an $85 million acquisition, Gear Energy Ltd. (TO: GXE.TO) has an increased development capex budget, the company said April 25.
The company’s board of directors approved an increase, and the 2014 development capex budget is now $85 million, up from $70 million, Gear Energy added.
The monies will support the acquired heavy oil assets in Wildmere, Alberta and Maidstone, Saskatchewan, the company noted.
The assets include more than 2,000 barrels of oil equivalent per day (boe/d), 98% of it oil, the company said.
The acquisition is scheduled to close ...