On December 2, 2024, Gear Energy Ltd. (TSX: GXE) announced a $110 million sale to a large publicly traded company, expected to close by February 2025. The deal includes Gear’s Lloydminster oil assets, with shareholders receiving $0.607 per share in cash, Newco shares, or both, subject to proration. Gear’s Central Alberta, Southeast Saskatchewan, and Tucker Lake properties will be spun off into a new entity, Newco, led by the existing management team.

Peters & Co. Limited served as lead financial advisor to Gear, with Burnet, Duckworth & Palmer LLP as its legal counsel. ATB Securities Inc. also acted as financial advisor to Gear, with Torys LLP serving as legal counsel to ATB Securities.