6,170 boe/d 450 million Production Q2 - 2014 Estimated enterprise value 20.7 million 71 / 74 million Cash flow Q2 - 2014 Common shares - basic / diluted 46.77/boe 9% / 13% Operating netback Q2 - 2014 Insider ownership - basic /…
Others 97% Elk Point 780 bbl/d 450 bbl/d Frenchmans 140 Inventory Cold flow heavy oil recompletions Butte 120 bbl/d 60+% Produced from Horizontal Morgan/Lindbergh 500 bbl/d wells 35 Inventory Vermilion 400 400 bbl/d 15…
Assets Execution Low Costs High Rates of Return Competitive heavy oil costs Projects yield 75 to 100%+ ROR High Operatorship Financial Strength 99% operated Estimated 2014 Debt/CF 1.0x Large Inventory Real Growth Over 400 low risk…
Per debt adjusted share 20% & 60% Estimated 4 year compound annual growth rate per DA share Production & Cash Flow Estimated WTI USD Cash Flow 100 83 MM 90 74 MM 80 65 MM Assumptions 22.5% WCS differential 0.91 CDN fx…
Gear has demonstrated superior growth per share compared to public heavy oil peer companies 2014 Q2 Benchmarking 25-Sep-14 boe/d Liquid % Op Costs/boe Cash flow/boe PDP RLI P+P RLI Debt/CF Q2 DACFM GXE Gear Energy 6,170 97% 21.37…
Wildmere Lloyd 41 undeveloped wells booked by GLJ - Dec 31, 2013 9 wells planned to drill in 2014 65 potential wells recognized in inventory EOR potential Wildmere Lloyd sand channel IP30 Rate 65 bbl/d Reserves/well 65 mbbls…
10% Estimated Wildmere Lloyd C primary recovery factor 20% Estimated analogue Lloyd A vertical waterflood recovery factor Horizontal Polymer Response Polymer pilot Pilot area oil production has tripled Evaluating 2015…
Wildmere Cummings 15 undeveloped wells booked by GLJ - Dec 31, 2013 15 wells drilled in 2014 65 potential wells recognized in inventory, EOR potential Shale Channel IP30 Rate 80 bbl/d Reserves/well 50 mbbls Wildmere Cummings pool…
Maidstone Cummings Maidstone Cummings Average Production/well 26 undeveloped wells booked by GLJ - Dec 31, 2013 18 wells planned to drill in 2014 35 potential wells recognized in inventory IP30 Rate 75 bbl/d Reserves/well 62 mbbls…
Maidstone Cummings Husky Section 23 Waterflood Offset waterflood response Application targeting 30% recovery factor Production built to historic peak levels after four months of injection (50m inter-well vs. Gear at 100m currently)…
60 million Elk Point recompletions Frenchmans Development drilling and Butte recompletions 5 drills Others 10 drills 16 million Morgan/Lindbergh 6 drills Land, seismic and exploration Vermilion 9 million 5 drills Celtic/Gully…
YE 2013 Reserves & Net Present Value of Future Revenues 17.84/boe Discounted at 10% under forecasted prices and costs P+P FD&A Cost 2013 1.8 P+P Recycle ratio 2013 8.9 Years Reserves Life Index Q2 2014 estimate 249%…
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…
WTI Contracts Research Analysts 2014 H1 1,800 bbl/d CAD98.02 fixed price Cormark Garett Ursu 2014 H2 1,000 bbl/d CAD99.73 fixed price FirstEnergy Bob Fitzmartyn 300 bbl/d USD97.50 x 80 x 65 3-way collar GMP Aaron Swanson 300 bbl/d…
Gear Energy Ltd. 2600, 500 4th Avenue SW Calgary, AB CANADA T2P 2V6 T (403) 538-8435 F (403) 705-2660 www.gearenergy.com 20
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