Highlights Strong Financials Q1 2023 Funds From Operations of 24.29/boe. Annual 2022 FFO per boe of 44.77 is top three in the peer group. Exceptional Balance Sheet Q1 2023 net debt of 15.3MM and net debt to FFO ratio of 0.3 times. Annual…
Top Tier Benchmarking Annual 2022 Funds From Operations (/boe) Annual 2022 Net Debt to FFO GXE 44.77 GXE 0.0x (1) All peer data calculated internally from published financial reports. Peer group includes 25 TSX listed…
Corporate Information Public Trading Average Daily Volumes TSX, OTCQX 3.4MM (1 year to May 2, 2023. GXE:CC) Symbols GXE, GENGF Net Debt 15.3MM (5% of total Enterprise Value) Market Capitalization 266MM (May 2, 2023) Outstanding…
Core Areas Lloydminster Conventional Mannville heavy oil production, dominantly Lloydminster Heavy Oil: 2,900 boe/d (95% liquids) multi-lateral horizontals. Medium Oil: 800 boe/d (80% liquids) Sparky and Lloydminster waterflooded…
2023 Budget 58 MM Capital budget for 2023 targets approximately three percent growth through a combination of core area drilling, step out drilling, and waterflood expansions/initiations. Capital 12 Drill 2 (1.6 net) Wilson Creek and 2…
Financial Sensitivity The 2023 budget is estimated to deliver the following results if WTI oil prices average the displayed flat prices from May to December 2023, inclusive. WTI US/bbl 70 80 90 100 2023 FFO Estimate (MM) 62 76 89 101…
Production Summary 2023 forecast of approximately 3% annual growth over 2022. Increased focus on waterflood opportunities designed to add longer term production and value while also targeting lower base declines and extending…
Value Growth Gear has all the ingredients for continued value growth for shareholders: Exceptional balance sheet, a strong dividend, deep inventory of opportunities, low costs and a proven history of execution. Charts compiled using…
Monthly Dividends 0.12 cumulative dividends declared since initiation in May 2022 Forecast annualized distribution of 0.12 per share, Approximately 11% yield. Any incremental free FFO dedicated to development capital, cash…
Low Costs Team has worked hard to maintain low costs as a percentage of revenue despite recent inflationary pressures. Forecasting approximately 23% reduction in estimated 2023 total costs as a percentage of revenue (Compared to…
Drilling Inventory Future growth potential across the three core areas. Lloydminster MLU Lloydminster SLL Core Areas SE Saskatchewan Central Alberta Multi-lateral unlined Single leg lined Wildmere, Provost, Properties Paradise, Soda…
Waterflood Inventory Plans for 2023 include expanding floods in Wilson Creek, Wildmere and Tableland. These investments should help Gear to reduce future base declines, minimizing maintenance capital requirements and extending reserves…
Lloydminster Paradise Lindbergh Maidstone MLU Hz Capital 1,425 k Wildmere IP365 95 boe/d EUR 125 mboe SLL Hz Killam Capital 1,250 k IP365 60 boe/d EUR 65 mboe Provost Hoosier Through 2022, drilled 10 horizontal heavy oil…
SE Saskatchewan GXE Drills to date Torquay two-mile GXE 2022 drilled Recent Peer drills Capital 3,950 k IP365 175 boe/d EUR 165 mboe Three Torquay light oil wells successfully drilled in 2022 with the last two coming on…
Central Alberta Central Well Capital 2,850 k IP365 270 boe/d EUR 345 mboe Wilson Creek Water flood planning through 2022, with Q1 2023 forecasted implementation focused on expanding and optimizing existing floods in multiple…
Oil Marketing WTI prices are in the range of the all-time highs seen in 2014 on a CAD basis. After widening through the winter, WCS heavy oil prices have improved materially into the spring. Gears discount to WCS has increased…
Hedging With the current strength of the balance sheet, Gear has strategically reduced its risk management targeted coverage down to 25% net of royalties into 2023. Gear has protected 25% of the remainder of 2023 budgeted volumes net of…
Corporate Tax Pools Gear had the following estimated tax pools on December 31, 2022. Tax Pool Summary ( MM) Canadian Oil and Gas Property Expense 117 Canadian Development Expense 163 Canadian Exploration Expense 29 Undepreciated…
Gear Team Management Role Prior Experience Ingram Gillmore President & CEO, Director VP Engineering ARC Resources, Talisman Bryan Dozzi VP Engineering VP Business Development Rock Energy David Hwang VP Finance & CFO Controller ARC…
APPENDIX: Economic Assumptions Economics using flat WTI oil prices at US80, fx of 0.73, WCS differential of 17/bbl, MSW/LSB differentials of 3.00 & 4.00/bbl, AECO gas 3.00/GJ. Price discounts to benchmarks as per oil marketing slide.…
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