7,000 boe/d GXE Pro-forma production estimate Trading symbol May 2014 Toronto Stock Exchange 70 / 74 million 4,158 Common shares - basic / diluted Boe/d May 2014 Q1 - 2014 10% / 15% 43.63/boe Insider ownership - basic / diluted…
Elk Point 7,000 boe/d 400 boe/d Estimated production May 2014 Morgan/Lindbergh 97% 400 boe/d 35 Inventory Others 600 boe/d Heavy oil 140 Inventory Vermilion 650 boe/d 400 15 Inventory Celtic/Gully Lk. 450 boe/d Future net…
Low cost, low risk, cold flow, pure play, conventional, heavy oil growth company Focused EOR 97% Heavy oil all within 100 km Multiple assets with successful analogs radius of Lloydminster Two current secondary recovery pilots Low…
Gears low cost structure supports very competitive netbacks Source: Gear Q1 MD&A, and comparable company SEDAR filings 5
Growth In production and cash flow per debt adjusted share 4,158 boe/d Production 34,000 bbls Incremental oil inventory (375 bbl/d build) 20.73/boe Operating costs 12.2 million Record cash flow from operations 6
Per debt adjusted share Estimated WTI USD Cash Flow 100 86 MM 90 77 MM 80 68 MM Assumptions 22.5% WCS differential 0.90 CDN fx Gear Oil WCS-5 6,300 boe/d 17% Royalties 20.00 Op Costs 3.80 G&A 1.15 Interest Post Hedging…
Wildmere Lloyd 41 undeveloped wells booked by GLJ - Dec 31, 2013 9 wells planned to drill in 2014, 5 drilled in Q1, 1 D&A 65 potential wells recognized in inventory Wildmere Lloyd sand channel IP30 Rate 65 bbl/d Reserves/well 65…
10% Estimated Wildmere HSE initiated primary recovery factor waterflood Sept 2013 Waterflood pilot 20% Estimated analogue recovery factor under vertical waterflood Polymer pilot Polymer Response Simulation estimated Q1- 2014…
Wildmere Cummings Wildmere Cummings Production Production improving with new completion on recent wells 15 undeveloped wells booked by GLJ - Dec 31, 2013 14 wells planned to drill in 2014, 4 drilled in Q1 65 potential wells recognized in…
Maidstone Cummings Maidstone Cummings 26 undeveloped wells booked by GLJ - Dec 31, 2013 Average Production/well 18 wells planned to drill in 2014, 8 drills in Q1, 1 D&A 35 potential wells recognized in inventory IP30 Rate 75 bbl/d…
Maidstone Cummings Husky Section 23 Waterflood Offset waterflood Application targeting 30% recovery factor Early data shows material production response Production built to historic peak levels after four months of injection (50m…
57 million Elk Point recompletions Development drilling and recompletions 14 million Morgan/Lindbergh Land, seismic and 4 drills Others 12 drills exploration Vermilion 9 million 5 drills Celtic/Gully Lk. 7 drills Facilities…
YE 2013 Reserves & Net Present Value of Future Revenues Discounted at 10% under forecasted prices and costs Excluding Acquisition 249% Production replacement for 2013, P+P 42% P+P NPV10 reserves value growth from 2012 to 2013,…
Excluding Acquisition 3 Year Continuous improvement in finding costs and recycle ratios 17.84/boe 2013 P+P FD&A including change in future development costs 32.38/boe 2013 Operating netback 1.8 2013 P+P recycle ratio…
Executive Experience Ingram Gillmore VP Engineering - ARC Energy Trust, Talisman President & CEO, Director Yvan Chretien VP Land - ARC Energy Trust, CNRL VP Land David Hwang Controller - ARC Energy Trust, EnCana VP Finance & CFO…
Analyst AltaCorp Don Rawson Cormark Garret Ursu First Energy Bob Fitzmartyn GMP Aaron Swanson Haywood Dan Tsubouchi Industrial Alliance Michael Charlston Paradigm Ken Lin Peters and Co Dale Lewko RBC Mark Friesen 18
Gear Energy Ltd. 2600, 500 4th Avenue SW Calgary, AB CANADA T2P 2V6 T (403) 538-8435 F (403) 705-2660 www.gearenergy.com 19
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