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Gear Energy Ltd T.GXE

Alternate Symbol(s):  GENGF

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.


TSX:GXE - Post by User

Post by lovehockeyon Nov 23, 2023 12:34pm
183 Views
Post# 35750208

SP was just a clever way to delay buyback

SP was just a clever way to delay buybackThey couldn't afford to start NCIB earlier because they had $14 million debt. So they came up with this clever idea to buy time. They know the stock price is under a tremendous pressure but they were not in a position to file for NCIB in September so they just bought themselves 3-4 months starting September 27, the date of the announcement. What they will try to do is to attempt to reduce the debt or eliminate it in the next several months and then the buyback will come. It is inevitable. In the meantime the stock will still be under pressure - buy at bid with your divis or buy with cash you have. Anywhere below 90 cents is an unbelievable deal. 
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