Gear Energy Ltd T.GXE

Alternate Symbol(s): GENGF

Energy Oil & Gas E&P

Gear Energy Ltd. is an oil-focused exploration and production company. The Company carries on the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its operations are located in three core areas: Lloydminster Heavy Oil, Central Alberta Light/Medium Oil and Southeast Saskatchewan. The Company is also engaged in focused on improving oil recoveries through the application of water flood technology. The key properties in the Central Alberta Light asset include Wilson Creek, Ferrier, Killam, Drayton Valley, and Chigwell.

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Gear Energy Ltd > When you so profitable you can tell the banks off !

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Comment by CandyCon Nov 03, 2021 8:17pm

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Post# 34084743

RE:When you so profitable you can tell the banks off !

x-x-x wrote:
“At the time, Gear was successful in including Export Development Bank of Canada ("EDC") into the lending syndicate. However, EDC's support was contingent on the inclusion of several restrictions including an inability to return capital to shareholders regardless of the position of the balance sheet. EDC has affirmed that this restriction will remain in place. Gear is now pleased to announce that the fall borrowing base redetermination has substantially been completed and the previous unsupportive lender will no longer be a participant."

Don't let the door hit you in the @ss on the way out !

gotta love it

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