Bullboard - Stock Discussion Forum Gear Energy Ltd T.GXE

Alternate Symbol(s): GENGF

Energy Oil & Gas E&P

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... see more

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TSX:GXE - Post Discussion

Gear Energy Ltd > stockwatch tonight

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Post by traderlong2 on May 06, 2024 10:34pm

stockwatch tonight

Meanwhile, Peyto's co-founder and chairman, Don Gray, has been showing support for another of his promotions. He is also the chairman and co-founder of junior oil producer Gear Energy Ltd. (GXE), up two cents to 74 cents on 2.43 million shares. Today on SEDI, Mr. Gray disclosed that he bought 705,500 shares at 73 cents on Friday, plunking down over $500,000. He now holds 8.3 million of Gear's 263 million shares.

Gear was most recently discussed last Friday in the wake of its first quarter financials. As noted, it is still "diligently reviewing its near-term capital investment decisions and execution plans" under its new president and CEO, Kevin Johnson, who arrived April 8. He apparently has a "vision to set Gear on a new exciting path forward." While he has yet to share this vision with investors, he has been showing confidence in other ways: According to filings last month on SEDI, he received 75,758 shares at 66 cents on April 8 (likely as part of a sign-on package) and then bought another 26,000 shares at 70 cents on April 12. Based on today's SEDI activity, it appears that Mr. Johnson's yet-to-be-unveiled plan has certainly won the approval of chairman Mr. Gray.

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