5,430 boe/d Elk Point Others 530 boe/d Q3 2015 production Frenchmans 63 Inventory 350 bbl/d Butte (28% booked) 20 Inventory 98% (0% booked) Cold flow heavy oil Morgan Celtic 650 bbl/d Resource 24 Inventory (100% booked) 450…
Exceptional 2015 capital results realized due to reduced costs and improved production from new wells Strong capital efficiency expected to continue into 2016, yielding a resumption of production growth 2014 35,900/boe/d 2015…
Capital investment is estimated to provide 6% production growth Q4 2016 over Q4 2015, with costs across the company continuing to decline Plan to drill 36 conventional horizontal heavy oil wells including 12 multi-laterals, with 10…
The 2016 Capital budget will be fully funded by cash flow at approximately US 48/bbl WTI At US 60/bbl WTI, there is more than 20% free cash flow which can be dedicated to inventory expansion, acquisitions, incremental growth, and/or…
Gear approached 2015 cautiously due to weakened oil prices. Activity in H1 was curtailed to wait for service cost reductions, and the majority of cash flow was dedicated to reducing debt In addition, approximately 500 bbl/d of…
Costs improved materially throughout the year Estimated Risked Estimated Production Capital Capital IP 365 Efficiency 3 Paradise Hill McLaren Hz 1. 1,020k 80 bbl/d 12,750/boe/d Paradise Hill McLaren Hz 2. 670k 70 bbl/d 9,600/boe/d…
Total corporate capital of 10.2 million to the end of Q3, drilling 8 wells and performing 20 recompletions Four more wells were drilled in Q4 and will be on production through November Peak full-cycle capital efficiency of…
10
4.5% of Gear Q3 production 4% Royalty (Crown) Three McLaren B wells drilled in section 2, 7.00/boe Op costs producing for 6 to 12 months, all averaging McLaren Sands above risked type curve. GXE Drills Two McLaren wells drilled in…
McLaren A McLaren A & B McLaren B 6.5 Section undeveloped land base Two overlapped sandstones, 3m per zone Current potential inventory 65 McLaren horizontals 8 booked as proven undeveloped GXE drills Inventory 2 booked as…
8.5% of Gear Q3 production Quad lateral unlined well successfully drilled and on 3.6% Royalty (Crown) 7.65/boe Op costs production in 2015 with first four months averaging 250% of the oil from the adjacent 5 single lateral wells…
19% of Gear Q3 production Twelve (10.5 net) Lloyd horizontal wells have 3.4% Royalty been drilled since 2014 with average results 8.50/boe Op costs above risked type curve GXE 2015 Drills Two more Lloyd wells drilled in October in…
Gears 4 year history of successfully growing value per debt adjusted share was impacted by 2015 oil prices The combination of low oil prices and a low share price compounded the effects in 2015 Estimated 5 year CAGR/DA share is 4%…
Common Shares (incl. Nov 30th common equity raise) 85.5 million Net Debt Q3 (incl. Nov 30th convertible debentures) 57.2 million Bank Capacity (incl. convertible debentures) 74.8 million Production Q3 5,430 boe/d Cash Flow Netback…
Current Share Price (Nov 30th, 2015) 0.58 Current Valuation (Q3 production) 19,700/boe/d Current Valuation (Annualized Q3 DACFM) 3.3 x DACFM = (Share price * 85.5 million shares + 57.2 million net debt) / (Q3 cash flow + interest…
Price forecast for evaluations was 40, 45 and 50 Flat US WTI, with 0.75 CAD/US foreign exchange, a heavy oil differential of 30% off of WTI and a Gear oil quality discount of CAD 4.25 Paradise Hill Cummings Morgan Capital 715k Capital…
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