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Gear Energy announces closing of $85 million asset acquisition


Published May 2, 2014
Gear Energy Ltd.

Gear Energy Ltd. has closed the acquisition of certain heavy oil assets in our core areas as previously announced on April 24, 2014 for $85 million subject to post-closing adjustments.

The acquisition is consistent with Gear's strategy of acquiring underexploited, geographically focused assets and provides a material increase in low risk future drilling opportunities and Gear's team has already identified 175 net drilling locations on the assets, increasing Gear's drilling inventory to approximately 400 locations.

Tags: Gear Energy Ltd.




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