Welcome to our dedicated page for Gear Energy news (Ticker: GENGF), a resource for investors and traders seeking the latest updates and insights on Gear Energy stock.
The GENGF news page compiles historical and transaction-related announcements for Gear Energy Ltd., whose common shares traded on the Toronto Stock Exchange under the symbol GXE and on the OTCQX under GENGF. These news items document Gear’s activities in crude petroleum and natural gas extraction and, most notably, the corporate steps that led to its acquisition and the spin-out of Lotus Creek Exploration Inc.
Readers can review press releases detailing the arrangement agreement under the Business Corporations Act (Alberta), under which a large publicly traded company agreed to acquire all of the issued and outstanding Gear shares and associated Lloydminster heavy and medium oil assets other than Tucker Lake. The news flow also explains how Gear’s Central Alberta light oil assets, Southeast Saskatchewan light oil assets and heavy oil assets in Tucker Lake were transferred to a newly formed entity, Lotus Creek Exploration Inc., owned by former Gear shareholders.
Other announcements on this page include shareholder meeting materials, voting instructions, and the results of the special meeting at which Gear shareholders approved the plan of arrangement by the required supermajority. Additional releases cover items such as quarterly operating results, dividend confirmations and corporate presentations that provide context on Gear’s strategy and asset base prior to completion of the transaction.
For investors and researchers, this news archive offers a chronological view of how Gear Energy’s business evolved up to the completion of the arrangement, the rationale management provided for separating mature Lloydminster heavy oil assets from the growth-oriented assets transferred to Lotus Creek, and the anticipated delisting of Gear’s TSX listing and conditional approval of Lotus Creek’s listing on the TSX Venture Exchange under the symbol LTC.
Gear Energy (GENGF) has completed its previously announced plan of arrangement, including the transfer of assets to Lotus Creek Exploration. Under the arrangement, Gear shareholders had options to receive: $0.607 in cash per share, 0.3035 Lotus Creek shares per Gear share, or a combination. Due to high cash election demand exceeding the $80 million maximum, adjustments were made: shareholders who elected 100% cash will receive $0.449 and 0.079 Lotus Creek shares per Gear share, while those choosing 50-50 or making no election will receive $0.225 and 0.191 Lotus Creek shares per share.
Gear shares will be delisted from TSX within 2-3 business days. Lotus Creek shares are expected to begin trading on TSXV on February 11, 2025, under symbol 'LTC'. Registered shareholders must submit their share certificates with completed letter of transmittal to receive their consideration.
Gear Energy (TSX: GXE) (OTCQX: GENGF) announced that shareholders have approved a significant plan of arrangement with 82.024% of votes in favor. Under the arrangement, a large publicly traded company will acquire all of Gear's outstanding shares and heavy oil assets (excluding Tucker Lake property).
The remaining assets, including light oil assets in Central Alberta and Southeast Saskatchewan, along with Tucker Lake heavy oil assets, will be transferred to a newly formed entity called Lotus Creek Exploration Inc., which will be owned by former Gear shareholders.
Shareholders also approved Lotus Creek's share option plan and shareholder protection rights plan agreement. The arrangement's final court approval is expected on February 4, 2025, with closing anticipated around February 5, 2025.
Gear Energy (TSX: GXE, OTCQX: GENGF) has announced details for its upcoming shareholder meeting on February 3, 2025, regarding a proposed arrangement where a large publicly traded company will acquire Gear's heavy oil assets for $110 million in cash. As part of the transaction, Gear's light oil assets will be transferred to a new entity, Lotus Creek Exploration, which will be owned by former Gear shareholders.
Shareholders can elect to receive either $0.607 in cash per share, 0.3035 Lotus Creek shares, or a combination. The total distribution is to $80 million and 40 million Lotus Creek shares, subject to proportionate adjustments. Leading proxy advisor ISS has recommended shareholders vote FOR the arrangement, highlighting its positive features.
The voting deadline is January 30, 2025, at 10:00 a.m. (Calgary time), with the election deadline at 4:30 P.M. on the same day.
Gear Energy (TSX: GXE) (OTCQX: GENGF) has announced the release of a new Corporate Presentation for shareholders, available through their website. The company's President & CEO, Kevin Johnson, has also prepared an accompanying video presentation aimed at providing additional value to shareholders. Both resources are now accessible via dedicated links on the company's platform.
Gear Energy (GENGF) has announced key details about its previously disclosed transaction, including the spin-out company's name as Lotus Creek Exploration. The deal involves selling Gear's heavy oil assets for $110 million in cash while transferring its Central Alberta, Southeast Saskatchewan, and Tucker Lake assets to Lotus Creek.
Lotus Creek's 2025 budget of $43 million targets production of 2,000-2,400 boe/d, with Q4 2025 production expected to reach 3,000-3,400 boe/d. The company plans to drill multiple wells in Wilson Creek and Tucker Lake, with strategic investments in seismic programs and infrastructure.
The transaction requires 66 2/3% shareholder approval at a special meeting on February 3, 2025. Shareholders will receive either $0.607 in cash per share, 0.3035 Lotus Creek shares per Gear share, or a combination thereof, subject to proration.
Gear Energy (TSX: GXE) (OTCQX: GENGF) has announced the release of a new Corporate Presentation providing additional information about the arrangement agreement dated December 2, 2024. The company plans to release further details about the Agreement, including 2025 budget and guidance and 2024 reserves, later in December.
Gear Energy (GENGF) announced a transformative transaction where a publicly traded company will acquire all Gear shares, excluding Central Alberta, Southeast Saskatchewan, and Tucker Lake properties, for $110 million. Shareholders will receive $0.607 per share in either cash, shares in a new company (Newco), or a combination. The Newco Assets represent 31% of Gear's production (1,700 boe/d) and will be led by current management. The transaction requires 66 2/3% shareholder approval and is expected to close in late January/February 2025. The December 2024 monthly dividend of $0.005 per share will be the final payment.
Gear Energy reported Q3 2024 results with production of 5,771 boe per day, up 3% from Q2 2024. The company generated funds from operations of $18.2 million, down 10% from Q2 due to lower commodity prices. Capital expenditures totaled $9.0 million, including drilling of five heavy oil wells. Net debt decreased to $5.1 million from $9.1 million in Q2. The company announced a new strategic direction focusing on organic growth and operational excellence. Gear is forecasting production at the upper end of its 5,400-5,600 boe per day range for 2024.
Gear Energy (TSX: GXE, OTCQX: GENGF) has announced its monthly dividend for November 2024. The company will pay $0.005 per common share on November 29, 2024, to shareholders of record as of November 15, 2024. The dividend has been designated as an eligible dividend for Canadian income tax purposes.
Gear Energy (TSX: GXE) (OTCQX: GENGF) has announced its monthly dividend for October 2024. Shareholders will receive $0.005 per common share, payable on October 31, 2024. The record date for this dividend is October 15, 2024. Gear Energy has designated this dividend as an 'eligible dividend' for Canadian income tax purposes. This announcement demonstrates the company's commitment to providing regular returns to its shareholders, which may be viewed positively by investors seeking steady income from their investments.