Gear Energy Ltd GXE.TO :
* . ANNOUNCES ACQUISITION OF STEPPE RESOURCES INC.
* IN AGGREGATE, TOTAL CONSIDERATION REPRESENTS A STEPPE ENTERPRISE VALUE OF $70.4 MILLION
* STEPPE SHAREHOLDERS WILL RECEIVE, FOR EACH STEPPE SHARE HELD, 0.1445 GEAR COMMON SHARES
* GEAR WILL ASSUME NET DEBT OF STEPPE OF APPROXIMATELY $40.9 MILLION, AFTER TAKING INTO ACCOUNT EXPECTED STEPPE TRANSACTION COSTS
* GEAR ENERGY- ACQUISITION OF STEPPE INCLUDE PRODUCTION OF ABOUT 1,175 BOE/D FOR JUNE 2018, WITH ESTIMATED 2H ANNUALIZED FFO OF $24 MILLION