One-Page Deal Sheet
Gear Energy Acquires Steppe Resources in All-Stock Deal
Gear Energy Ltd Steppe Resources
Announced Date
July 24,2018
Close Date
September 18,2018
Transaction Type
Corporate
Enterprise Value (EV)($MM)
70
Asset/Basin:
{"Williston Basin"}
TargetZones:
{Torquay,Ratcliffe,B
Net Acres
% Oil:
Net Operated Locations:
Location
Calculated Metrics( EV/Category)
Region
Canada
Country
Canada
Play
Production Production
Production Mix
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
$/Location
Transaction Details: Subscribe to see
Gear Energy has inked a deal to acquire Steppe Resources in an all-stock deal valued at $70.4 million.
This deal closed on September 28, 2018.
Deal Highlights:Steppe’s assets are focused in the Tableland area of Southeast Saskatchewan, primarily in the Torquay formation, with upside in the Ratcliffe and Bakken.
Production of approximately 1,175 BOE/d for June 2018, with estimated 2H 2018 annualized funds from operations of $24 million assuming no drilling and strip pricing (an acquisition metric of approximately three times funds from operations on a proved developed producing production…| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
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