CALGARY, ALBERTA - Gear Energy Ltd. ('Gear' or the 'Company') (TSX: GXE) (OTCQX: GENGF) confirms that the January 2023 monthly dividend of $0.01 per common share is to be paid on January 31, 2023, to shareholders of record on January 16, 2023. The dividend is designated as an 'eligible dividend' for Canadian income tax purposes.

Contact:

Ingram Gillmore

President & CEO

T: 403-538-8463

David Hwang

Vice President Finance & CFO

T: 403-538-8437

Email: info@gearenergy.com

Website: www.gearenergy.com

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