Gear has announced the acquisition of Steppe Resources including 1,175 boe/d (99% light oil) of production in SE Saskatchewan and a light oil inventory of 100 locations for total consideration of $70.4 mm including $40.9 mm of net debt and $29.6 mm in Gear equity (~21.9 mm shares, based on a 0.1445 exchange ratio and a $1.35/sh Gear price). The transaction is expected to close in 3Q18e.