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Gear Energy: Provost area prospect summary

July 25, 20197:36 AM BOE Report Staff

Gear Energy Ltd. is soliciting certain parties which may be interested in acquiring or farming in on certain lands in the Provost Area. The details of the opportunities are as follows:

Target Formation(s): Sparky Formation
Locations: Drill ready location (100/08-31-035-04W4M). In addition, Gear has mapped up to 25 follow up locations.
Well Type: Horizontal multi-stage frac
Substance: Oil
Seismic: 2D / 3D trade seismic over properties
Capital Costs (approximate):
  • Sparky HZ MSF well
Drill and Case $600-700k
Complete $500k
Equip and tie $300k
Total $1400-$1500
Expiries: Primary term license (AB License No. 5318020207) with an expiry of February 28, 2020. One horizontal well should continue the entire license.
Estimated Reserves:
  • Horizontal Sparky
    • Reserves: 118 Mboe (15% Gas), 5.5 bbl/mmcf liquids
    • Rate: 115 Boe/d (15% Gas), 5.5 bbl/mmcf liquids
General/Geological Discussion:
  • The Sparky Formation is part of the Upper Mannville Group in East Central Alberta. In the Provost area, the Sparky Formation was deposited in a deltaic environment with 2-4m thick regional reservoir sands that are often capped by coal or carbonaceous shales.
  • Over the prospect area reservoir sands have porosities ranging from 12-27%.
  • Multiple stacked Sparky sands can be accessed through multi-stage fracking
  • Three wells recovered 26.5 API oil on DST.
  • OOIP ranges from 6-12 mmbbls per section depending on reservoir cut-offs.
General:

Gear Energy will consider a farmout or sale of its interest. A technical presentation is available upon execution of a Confidentiality Agreement and Area of Exclusion Agreement. This offer is not exclusive and may be withdrawn, by Gear at any time.

Please contact Yvan Chretien at 403-538-8464 if you are interested in seeing a technical presentation or for further information regarding this opportunity.

Gear Energy Property Listings

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