Gear Energy (TSE:GXE) has released an update.
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Gear Energy Ltd. is undergoing a strategic transformation with the sale of its heavy oil assets for $110 million and the creation of a new entity, Lotus Creek Exploration Inc., which will focus on light oil assets in Central Alberta and Southeast Saskatchewan. This move aims to crystallize shareholder value and pivot towards high-potential growth areas. Lotus Creek will be listed on the TSX Venture Exchange, with promising 2025 budget guidance and reserve evaluations.
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