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Don Gray, chairman of Gear Energy, is pictured in 2010 in his Calgary home. Gear Energy announced in its 2013 second-quarter report that it was seeking an initial public offering.
Don Gray, chairman of Gear Energy, is pictured in 2010 in his Calgary home. Gear Energy announced in its 2013 second-quarter report that it was seeking an initial public offering.
(Jeff McIntosh for The Globe and Mail)

Gear Energy asset acquisition fuels shares

Gear Energy Ltd. has bolted to a new high in its short life as a public company after scooping up some heavy oil assets in its main operating areas for $85-million.

Gear, chaired by former Peyto Energy Trust boss Don Gray, said late Thursday it bought assets in the Wildmere, Alta., and Maidstone, Sask., areas that pump more than 2,000 barrels a day.