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Gear Energy appoints Scott Robinson as the Chair of the Board of Directors. Mr. Robinson brings extensive experience as an independent businessman and petroleum engineer. The outgoing Chair, Don Gray, expresses confidence in Mr. Robinson's leadership. Mr. Gray also increases his stake in Gear by purchasing 1.0 million common shares, reflecting a positive outlook on the company's future.
Gear Energy announced their first quarter 2024 operating results, with production at 5,714 boe per day, a four percent decrease from the previous year. They invested $7.6 million in capital expenditures and reported $15.2 million in funds from operations, a 17 percent increase from the first quarter of 2023.
Gear Energy confirms the May 2024 monthly dividend of $0.005 per share to be paid on May 31, 2024. The dividend is designated as an 'eligible dividend' for Canadian income tax purposes.