Gear Energy Ltd. has closed the acquisition of certain heavy oil assets in our core areas as previously announced on April 24, 2014 for $85 million subject to post-closing adjustments.

The acquisition is consistent with Gear's strategy of acquiring underexploited, geographically focused assets and provides a material increase in low risk future drilling opportunities and Gear's team has already identified 175 net drilling locations on the assets, increasing Gear's drilling inventory to approximately 400 locations.

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