Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Gear Energy Ltd T.GXE

Alternate Symbol(s):  GENGF

Gear Energy Ltd. is a Canadian exploration and production company with heavy and light oil production in Central Alberta, West Central Saskatchewan and Southeast Saskatchewan. The Company carries on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its properties include Celtic/Paradise Hill, Saskatchewan; Wildmere Area, Alberta; Wilson Creek, Alberta, and Tableland, Saskatchewan. The Celtic/Paradise Hill is located within Township 52, and Ranges 23 and 24 W3 and is approximately 40 kilometers northeast of Lloydminster, Alberta. The Wildmere field is located within Townships 47, 48 and 49, and Ranges 3, 4, 5 and 6W4, is approximately 200 kilometers southeast of Edmonton, Alberta. The property consists of approximately 24,325 gross (23,000 net) acres of lands. The Tableland property development is predominately focused on the Three Forks/Torquay formation, with minor production from the Bakken and Ratcliffe formations.


TSX:GXE - Post by User

Post by AlexPKeaton89on Apr 22, 2021 12:18am
294 Views
Post# 33042766

From Energy Summary today...

From Energy Summary today...

Lastly, Don Gray's Alberta- and Saskatchewan-focused Gear Energy Ltd. (GXE) edged up one cent to 51 cents on 2.54 million shares. The stock has seen heavier-than-usual volume over the last few days -- with a record 8.36 million shares being traded on Monday -- as investors awaited the pricing details of a proposed shares-for-debt swap. The company announced on March 16 that it would redeem $12.7-million worth of convertible debentures on April 26. First it sought voluntary conversions, which led to $9.7-million of the debentures becoming 29.2 million shares (at a conversion price of 32 cents a share) on March 23. Now Gear is clearing out the remaining debentures at a redemption price of 49 cents a share.

Gear would rather have the dilution than the interest costs. Although the debentures were not actually due for 2-1/2 more years, Gear calculated that if it redeemed them early, it would enjoy annual interest savings of $900,000. President and CEO Ingram Gillmore hinted that he has big plans for the money. He told investors last month that the redemption would "further enhance Gear's exceptional balance sheet, providing strategic optionality to consider future acquisitions or development capital expansions."

<< Previous
Bullboard Posts
Next >>