Video summary: Insiders gear up in the oil patch

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We highlighted insider buying at Gear Energy (GXE) in our weekly Globe and Mail Who is Buying and Selling feature on September 21st. The article was based on the September 17th INK morning report where we note that Gear has recovered from a disappointing Q1 and insiders have been buying. Their continued enthusiasm suggests the stock remains undervalued despite a recent rally. Below is our 90 second video summary of our report that featured Gear.

INK Top 40 and trading day morning reports are available through or the Canadian Insider Club. INK is subscriber supported and does not accept payment for stock coverage.

Script (check against delivery):

        Gear Energy is targeting heavy oil in
        the Lloydminister area
        of Alberta and Saskatchewan,
        light and medium oil in Central Alberta
        and light oil Southeast Saskatchewan.
        In Q2 it produced
        4,104 barrels of oil per day of heavy oil
        representing 57% of total production and
        2,166 bbl/day of light and medium crude
        making up 30% of production.
        Total production averaged 7,161 barrels of
        oil equivalent per day
        up 4% from the same period last year.
        It was record production for the firm,
        and it also represented
        a recovery from a disappointing Q1.
        The share price peaked for the year on
        April 23rd at 87 cents and went to
        set a low of 41 cents on August 19th.
        Insiders were buying around
        that time and included a 2.5
        million share purchase by
        oil patch entrepreneur Don Gray at 49 cents.
        An insider was also buying
        Monday September 16th as
        crude oil was surging.
        That suggests to us that
        the stock likely remains undervalued.
        According to Refintiv data
        the stock started trading the week at
        trailing 12-month price-to-cash flow ratio
        of 1.9,
        well below the market average of 9.0.
        Although the stock does not pay a dividend,
        later this week the company
        is hoping to get the green light from
        shareholders to allow it to
        potentially start buying back shares.
        Our report which is not a recommendation
        to buy or sell securities is
        available through or
        the Canadian Insider Club.
        Good luck friends and thanks for listening!

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