Brief: Gear Energy Ltd. Announces Acquisition Of Steppe Resources Inc.

Gear Energy

24/07/2018 24:55

Gear Energy Ltd  GXE.TO :
    * . ANNOUNCES ACQUISITION OF STEPPE RESOURCES INC.
    * IN AGGREGATE, TOTAL CONSIDERATION REPRESENTS A STEPPE
ENTERPRISE
VALUE OF $70.4 MILLION
    * STEPPE SHAREHOLDERS WILL RECEIVE, FOR EACH STEPPE SHARE
HELD,
0.1445 GEAR COMMON SHARES
    * GEAR WILL ASSUME NET DEBT OF STEPPE OF APPROXIMATELY $40.9
MILLION, AFTER TAKING INTO ACCOUNT EXPECTED STEPPE TRANSACTION
COSTS
    * GEAR ENERGY- ACQUISITION OF STEPPE INCLUDE PRODUCTION OF
ABOUT
1,175 BOE/D FOR JUNE 2018, WITH ESTIMATED 2H ANNUALIZED FFO OF
$24 MILLION

Source text for Eikon:  ID:nCNWdQK3Ta 
Further company coverage:  GXE.TO