Mr. Ingram Gillmore reports

GEAR ENERGY LTD. ANNOUNCES RESULTS OF DIRECTORS VOTE

The nominees listed in Gear Energy Ltd.'s management proxy circular dated March 20, 2023, were elected as directors of Gear. The detailed results of the vote for the election of directors held at Gear's annual meeting of shareholders held today are set out in the attached table.

On a vote by ballot, each of the seven nominees proposed by management was elected as a director of Gear.

For details of the voting results on the other matters considered at the meeting, see Gear's report of voting results to be filed on SEDAR.