Cenovus Energy to acquire Gear Energy for CAD110m.

Cenovus Energy, a Canadian integrated oil and natural gas company, agreed to acquire Gear Energy, an oil-focused exploration and production company, for CAD110m. "I am pleased to announce the sale of Gear and its heavy oil assets in Lloydminster combined with the spinout and formation of Newco. This transaction results in both meaningful cash consideration to our shareholders and the creation of Newco, an organic growth-focused oil company positioned to unlock shareholder value from a high quality, opportunity rich asset base. At Gear, we are committed to identifying and pursuing strategies that maximize value for our shareholders, and this transaction is a direct result of that focus. We are confident that this transaction is in the best interests of Gear and our shareholders," Kevin Johnson, Gear President and CEO.