Gear entered the Lloydminster area with an initial acquisition in 2010. Subsequent growth has been accomplished as a result of repeated successful horizontal drilling of multiple oil bearing Mannville heavy oil reservoirs. Material growth in the recent production, as well as the inventory of future economic drilling locations, has been greatly enhanced through the application of horizontal multi-lateral un-lined drilling techniques.
The key properties within the Lloydminster Heavy Oil asset include; Wildmere, Lindbergh, Maidstone, and Paradise Hill.
Central Alberta Light/Medium Oil
Gear entered the Central Alberta area in 2016 with the corporate acquisition of Striker Exploration. Area light oil growth opportunities are comprised primarily of multi-stage fractured horizontal drilling locations in the Belly River, the Cardium and the Lloydminster reservoirs. In addition, multiple areas are currently, or will soon be, focused on improving oil recoveries through the application of water flood technology.
The key properties in the Central Alberta Light oil asset include; Wilson Creek, Ferrier, Killam, Drayton Valley, and Chigwell.
Southeast Saskatchewan Light Oil
Gear entered the SE Saskatchewan light oil area with the corporate acquisition of Steppe Petroleum in 2018. The initial acquisition was completed in order to access a significant land position with access to a meaningful inventory of future light oil drilling opportunities in the Torquay, Bakken and Ratcliffe formations.
The key property in this area is Tableland.
Gear Energy’s oil-focused operations are located in three core areas; Lloydminster Heavy Oil, Central Alberta Light/Medium Oil and Southeast Saskatchewan Light Oil. Current guidance for 2020 forecasts average production of 7,000 boe/d and 90% liquids,
with a Q4 2020 exit rate in excess of 7,400 boe/d.