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Gear Energy acquires Steppe Resources for $70MM
Gear Energy ltd is adding to its core Lloydminster heavy oil and central Alberta light oil assets, acquiring privately held junior E&P Steppe Resources for $70.4 million in stock and debt. Focused on the Tableland area of southeast Saskatchewan with production from the Torquay formation, Steppe had 1,175 boe/d of June 2018 production and has projected 2H18 annualized funds from operations of $24 million assuming no drilling and strip pricing. Closing is expected in......
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