New City Energy Share Discussion Threads

[energiser01] 10/4/2012 11:52

Update - C&C Energia Ltd.

full rel @


C&C Energia Ltd. Provides Operational Update
CALGARY, ALBERTA--(Marketwire - April 10, 2012) - C&C Energia Ltd. ("C&C Energia" or the "Corporation") (TSX:CZE) is pleased to provide an operations update on its current activities in Colombia.

Current production levels are approximately 10,500 barrels of oil per day ("bopd") and average production for the first quarter was approximately 10,350 bopd. 2012 production remains forecast to be between 10,000 and 10,500 bopd generating approximately $160 million in after tax cash flow for the year, based on an expected realized price of approximately $90.00 per barrel.

As at February 29, 2012, C&C Energia realized an average price of $109.88 on its sales generating operating netbacks of approximately $62.00 per barrel and had adjusted working capital of approximately $81.5 million, including cash of $112 million.



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[energiser01] 05/4/2012 15:21

Update Karoon Gas

Spudding of Boreas-1 well

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[energiser01] 04/4/2012 13:13

Update Spartan Oil

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Spartan Oil Corp. Announces Upward Revision to 2012 Capital Program and Guidance and Provides Operations Update
CALGARY, ALBERTA--(Marketwire - April 4, 2012) - Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO) is pleased to announce that its Board of Directors has approved an increase in the Company's 2012 capital program to $127 million (previously $80 million). Encouraged by continued drilling success, Spartan will direct the increased capital towards the Company's Cardium light oil development project at Keystone, in central Alberta. Under the revised budget, Spartan will drill up to 49 (46.6 net) Cardium horizontal wells during 2012. Spartan expects to drill at least 5 (4.9 net) wells through break-up with its existing rig and the Company has secured a second rig commencing on June 1.

Spartan expects its revised 2012 budget to yield average production in the range of 2,600 - 2,800 boe/d (83% oil and liquids) and exit production of 4,300 - 4,500 boe/d (84% oil and liquids). Cash flow is anticipated to be $47 - $50 million in 2012. Key budget assumptions include:

Crude oil = WTI US $85.00 per barrel
Natural gas = Cdn. $2.75 per mcf
Exchange rate = US/Cdn. $0.99
Operating costs = $11.60 per boe
Royalties = 11.6%
Operating Netback = $49.75 per boe
Net G&A = $1.40 per boe

Spartan will finance its revised 2012 budget entirely from existing cash on hand and internal cash flow. Under the revised budget, Spartan will exit 2012 with no debt and with $4 - $7 million of positive working capital. Annualized full year cash flow based upon the Company's forecast exit production guidance and the financial assumptions used in Spartan's 2012 budget is approximately $78 - $83 million.



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[energiser01] 04/4/2012 11:07

Update - TAG Oil

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TAG Oil News Releases

April 2, 2012


Flow Testing Confirms Urenui Oil Discovery and Additional Oil Play at TAG's Cheal Field

Vancouver, B.C. – April 2, 2012 - TAG Oil Ltd. (TSX: TAO) and (OTCQX: TAOIF) is pleased to announce that the recently drilled Cheal-B6, Cheal-A9 and Cheal-A10 wells confirm a commercial oil discovery within the Urenui Formation at a depth of approximately 1400 meters. Strong initial flow test results were achieved, with each individual well having the capability to initially produce approximately 200 barrels of light oil per day, plus associated gas from high-quality reservoir sands.

Permit-wide 3-D seismic interpretation, including data from pre-existing wells which all intersected Urenui pay, indicates that the Urenui Formation has been deposited as a blanket sand, and is prospective for oil discovery across the Cheal permit.

The Cheal-B6, Cheal-A9 and Cheal-A10 wells will be placed on full-time production, along with other established production, once the enhancements to Cheal's artificial lift capabilities have been completed. These upgrades will allow TAG Oil to produce all existing and future wells simultaneously, and are expected to be complete within the next three months.

TAG Oil CEO Garth Johnson commented, "These results continue to demonstrate the significant upside potential at Cheal, and they open a new widespread oil play across the permit. Based on these consistent results, we will now integrate the Urenui oil play into our overall development and exploration strategy, which will also include Mt. Messenger wells and the deeper liquids-rich Kapuni Formation gas play."

TAG also reports that the new VR500 drill rig, which the Company has under exclusive contract, has been mobilized to the Cheal-C site discovery area in preparation to spud the Cheal-C3 and Cheal-C4 wells. The Cheal-C3 and Cheal-C4 wells are follow-on wells to the Cheal C site discoveries, including the Cheal-C2 gas condensate discovery well, primarily targeting the Mt. Messenger Formation. The Cheal-C2 well achieved stabilized flow rates of approximately 14 million cubic feet gas per day (~2,333 barrels of oil equivalent per day) on a 48/64" choke, with associated condensate production, which was increasing during the 10-day flow test.

The 100%-TAG-owned Cheal oil and gas field is located in the Taranaki Basin of New Zealand.

TAG Oil Ltd.

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[energiser01] 30/3/2012 14:29

Update - Gran Tierra

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Gran Tierra Energy Announces 6,300 BOPD Production Test on Proa-2 Appraisal Well, Argentina
Drilling Programs Advance in Colombia and Brazil, Production Update

CALGARY, March 29, 2012 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE Amex: GTE) (TSX: GTE), a company focused on oil exploration and production in South America, today provided updates for its operations in Argentina, Colombia and Brazil.

Argentina

Surubi Block, Noroeste Basin (Gran Tierra Energy 85% WI and Operator, Recursos y Energia de Formosa S.A. 15% WI)

Gran Tierra Energy has completed drilling and testing the Proa-2 appraisal well, the second well in the Proa oil field. The successful well encountered approximately 31 meters of net pay in two Palmar Largo intervals. Production tests were performed on the two intervals independently, resulting in combined natural flow rates of 6,300 barrels of oil per day ("BOPD") gross of 46° API oil with no water cut. The well is expected to be on production in April, 2012, initially at approximately 2,000 BOPD gross to further analyze reservoir performance while additional transportation capacity is evaluated.



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[energiser01] 30/3/2012 13:35

Update Neon Energy.

Paloma Deep Operations Update - New Oil Pool Discovery

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[energiser01] 30/3/2012 12:31

Update coalspur

Extra 5m tonnes at Ridley

Full release @

Going to busy qtr for coalspur, funding and resource update by the end of the qtr.(end of jun)

Full release @

The Process has resulted in a number of potential strategic partners expressing interest in Vista. The Company has shortlisted several parties with which it continues discussions in relation to funding the development of Vista.
The Company has retained a financial advisor to manage the Process and is progressing to finalise the structure of any potential funding transaction. Consistent with its earlier announcements, the recently executed facility agreement with the Highland Park Group provides flexibility for a strategic investor to acquire up to 25% of Vista.
As previously announced, the Company intends to finalise the Process in the quarter ending June 30, 2012.


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[energiser01] 30/3/2012 09:47

Spring - All relevant I guess as we don't really know the current position or holding, only to say it was 4.4% last sept, 4% at end of oct and less than 3.5% at end of feb 2012. They may have been selling into the fall or the rise between then and now.

I did recommend to NCIM/CVQ that they publish the top 20 for every trust and not just the top 5 in monthly update, that would give better feel, although not the absolute holdings), as to be honest that's of more interest than the adviser comment most of the time (to me at least). The NCIM trusts share a lot of common holdings (different weightings), they could almost write one update for the lot of them!

Their response was that they provide detailed holdings in the reports, but that's only every 6 months and in arrears, so whilst useful, isn't exactly much help with knowing the current holdings.

Still plenty of promise for 2012...

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[spring11] 29/3/2012 11:47

Thanks energiser, Do see this as having much of an impact on NCE bearing in mind at last count Pacific represented just under 4% of portfolio composition?

[energiser01] 29/3/2012 11:35

Update - further info from Pacific Rubiales

Pacific Rubiales makes additional investment in Puerto Bahia port project
TORONTO, March 28, 2012 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) is pleased to announce that it has agreed to purchase up to 140 million common shares in the capital of Pacific Infrastructure Inc. at a price of U.S.$1.00 per share for an aggregate investment of up to U.S.$140 million (the "Subscription"). Pursuant to the terms of the letter of intent entered into between the Company and Pacific Infrastructure (the "Letter of Intent"), the Company has agreed to fund the Subscription in tranches of at least U.S.$20 million for working capital purposes over the next twelve months. Pacific Infrastructure is a private Panama-based company developing a new crude oil and products terminal and port in Cartagena as well as a new pipeline that will link Coveñas with Cartagena.

Ronald Pantin, Chief Executive Officer of the Company, commented: "With this investment into one of Colombia's only newly developing ports, Pacific Rubiales moves one step closer to increasing its oil storage and export capacity at a meaningful reduction to current cost. With the Company planning to double its oil production over the next five years, the investment is very strategic to our future growth plans."

As a result of funding the first tranche of the Subscription, the Company currently holds 61,488,415 common shares in the capital Pacific Infrastructure, representing approximately 30% of the issued and outstanding shares. To date, the Company has invested approximately U.S.$38 million in Pacific Infrastructure. Under the term of the Letter of Intent, Ronald Pantin will sit on the board of directors of Pacific Infrastructure as the Company's nominee for as long as the Company holds 10% of the issued and outstanding common shares in the capital of Pacific Infrastructure.

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[energiser01] 28/3/2012 10:55

Update - Pacific Rubiales.

Good med/longer term strategy

Pacific Rubiales is Poised to Enter LNG Export Market
TORONTO, March 27, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) acting through its wholly owned subsidiary Pacific Stratus Energy Colombia Corp. ("PSE"), announced today the signing of a natural gas Liquefaction, Regasification, Storage and Loading Services Agreement with Belgium based Exmar NV ("Exmar").

The Agreement calls for Exmar to build, operate and maintain a Floating Liquefaction Regasification & Storage Unit ("FLRSU") to be located on the Colombian Caribbean coast. The Agreement grants PSE exclusive guaranteed rights to supply and liquefy up to 69.5 MMcf/d over a 15 year period, under a tolling structure. The FLRSU will have a storage capacity of 14,000 m3 (+/- 0.5 million tonnes per annum) of LNG and will be able to accommodate alongside a 140,000 m3 LNG Floating Storage Unit ("FSU"). Commercial Operations of the FLSRU are estimated to start in the fourth quarter of 2014.

Ronald Pantin, Chief Executive Officer of the Company commented: "We are very excited with this Agreement as it opens new markets and fast-tracks monetization of the Company's extensive natural gas reserves. This leverages the Company's strategy to explore and develop its large gas resources in northern Colombia, and also reinforces our view that Colombia has enough gas resources to become a reliable LNG supplier for the region."

As part of the project, PSE will build an 88 km, 18" diameter pipeline from its producing La Creciente Field to the Caribbean coast with an initial design transportation capacity of 100 MMcf/d. Gas for the project will be sourced from La Creciente Field.

With this project, the Company will be initially targeting markets of Central America and the Caribbean, aiming to replace fuel oil and diesel currently used for power generation. The project will also open potential industrial and residential market opportunities for natural gas in these countries, while putting in place new incentives to explore and develop the large undiscovered natural gas resources in Colombia.



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[spring11] 23/3/2012 16:11

Thanks energiser01, spread to wide to make a confident trade so will will let dust settle and revisit on monday rather than line MM pockets.

Have a good weekend.

[energiser01] 23/3/2012 14:20

Couple of 20k share sales this am, bigger than normal 5k NMS, so they got a poor price, recovering now.

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[spring11] 23/3/2012 12:56

Usually a solid stock paying regular dividends but over 10% down today....
Anybody know why please?

[spring11] 23/3/2012 12:55

Usually a solid stock paying regular dividends but over 10% down today....
Anybody know why please?

[energiser01] 20/3/2012 11:21

Update - Rialto

Up 8% to new high in AUS overnight

Full rel @

Rialto Energy Ltd
("Rialto" or the "Company")
Weekly Drilling Progress Report Gazelle-P3 well
Rialto Energy Limited (ASX: RIA), provides the following weekly update on drilling operations at the Gazelle-P3 Well as at 06:00hrs, 20 March 2012 (EDT).
The Gazelle-P3 well was spudded on 12 March 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is planned to be drilled to a total depth (TD) of approximately 3685 mMDRT (-2981mTVDSS) and is expected to take around 60-70 days to drill and test. The well is the first of an overall
three well drilling programme on CI-202 that is anticipated to take six months to complete, together with testing.
Since spudding, the well has been drilled to a depth of 550 mMDRT. Currently the 20" casing is being set in preparation to drill ahead in 17 ½" hole.
In accordance with its policy of releasing weekly drilling progress reports, the company expects to issue a further drilling report on 27 March 2012, subject to any material events occurring in the meantime.

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[energiser01] 16/3/2012 18:08

Update - Good result fo providence res



BARRYROE WELL SUCCESSFULLY FLOWS OIL AND GAS
WELL FLOWS AT A STABILISED RATE OF 3,514 BOPD & 2.93 MMSCFGD (4,000 BOEPD)
ANALYSIS CONFIRMS HIGHLY MOBILE LIGHT SWEET OIL
UPPER GAS BEARING ZONE BEING PREPARED FOR TESTING
Providence Resources P.l.c., ('Providence') the London (AIM) and Dublin (ESM) quoted oil and gas exploration and production company is pleased to provide an operational update on its ongoing well operations in the North Celtic Sea Basin, offshore southern Ireland. The 48/24-10z Barryroe appraisal well is located in c. 100 metre water depth, c. 50 kilometres offshore Ireland in Standard Exploration Licence (SEL) 1/11 in the North Celtic Sea Basin. Providence (80%) operates SEL 1/11 on behalf of its partner Lansdowne Oil & Gas plc (20%).

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[energiser01] 15/3/2012 15:14

Crescent Point obviously like the potential of the Bakken/3 Forks given the aquisitions and drilling spend.

Perhaps they'll also take over another of the neighbours American Eagle Energy (also an NCE holding in sept 2011 @1.93% of nav)

See just how close @

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[energiser01] 15/3/2012 15:03

Update - Crescent Point (number 3 by NAV at end of Feb @ 5.9%)

Full rl @

I liked this snippet from the outlook and upwards revised guidance section:-

Crescent Point now has more than 7,150 net low-risk drilling locations in inventory, representing more than 550,000 boe/d of risked potential production additions. This depth of drilling inventory positions the Company well for long-term sustainable growth in production, reserves and NAV and also provides support for long-term dividends.

As a result of the Reliable Arrangement, the Company is upwardly revising its guidance for the year. Crescent Point's average daily production is expected to increase to more than 86,500 boe/d from 86,000 boe/d and its 2012 exit production rate is expected to increase to more than 94,000 boe/d from 93,000 boe/d. The Company's capital expenditures budget for 2012 remains unchanged at $1.2 billion

The key summary section below:-

FOURTH QUARTER 2011 HIGHLIGHTS

In fourth quarter 2011, Crescent Point continued to execute its integrated business strategy of acquiring, exploiting and developing high-quality, long-life light and medium oil and natural gas properties.

Crescent Point achieved a new production record in fourth quarter 2011 and averaged 81,210 boe/d, weighted 91 percent to light and medium crude oil and liquids. This represents an overall growth rate over fourth quarter 2010 of 16 percent, including more than 15 percent of organic growth. Production increased 12 percent over third quarter 2011.
In fourth quarter 2011, the Company spent $458.9 million on development capital activities, including $378.4 million on drilling and development activities and $80.5 million on land, seismic and facilities. Crescent Point drilled 178 (132.3 net) wells targeting oil and 1 (1.0 net) service well with a 100 percent success rate.
Crescent Point's funds flow from operations increased by 45 percent to a record $381.9 million ($1.32 per share - diluted) in fourth quarter 2011, compared to $263.2 million ($0.98 per share - diluted) in fourth quarter 2010.
In fourth quarter 2011, the Company's netback increased by 19 percent to $53.40 per boe from $44.76 in fourth quarter 2010.
Crescent Point maintained consistent monthly dividends of $0.23 per share, totaling $0.69 per share for fourth quarter 2011. This is unchanged from $0.69 per share paid in fourth quarter 2010. On an annualized basis, the fourth quarter dividend equates to a yield of 6.5 percent, based on a volume weighted average quarterly share price of $42.44.


2011 HIGHLIGHTS

Crescent Point grew average daily production in 2011 to 73,799 boe/d, a 20 percent increase over 2010. Production was weighted 90 percent to light and medium crude oil and liquids. Despite a prolonged 2011 spring break-up due to unusual flooding in Saskatchewan, Crescent Point exceeded its 2011 annual average and exit production targets.
In 2011, the Company spent $1.24 billion on development capital activities, including $951.4 million on drilling and development activities and $287.4 million on land, seismic and facilities. Crescent Point drilled 516 (373.0 net) wells in 2011 with a 100 percent success rate.
In 2011, Crescent Point announced success in its new core areas in Alberta's emerging Beaverhill Lake light oil resource play and in the North Dakota Bakken/Three Forks resource play. Within the past two years and including acquisitions to date in 2012, the Company has acquired more than 280 net sections and more than 140 net sections in each play, respectively. In 2012, the Company plans to drill 27 net wells in the Beaverhill Lake light oil resource play and 14 net wells in the North Dakota Bakken/Three Forks resource play.
The Company increased proved plus probable reserves by 12 percent to 424.8 million boe ("mmboe") at year-end 2011, weighted more than 92 percent to light and medium crude oil and liquids. Proved reserves also increased by 12 percent to 281.0 mmboe.
Crescent Point replaced 248 percent of 2011 production on a proved plus probable basis, excluding reserves added through acquisitions. This is the tenth consecutive year of strong positive technical and development reserve additions.
This is also the tenth consecutive year of growth in Net Asset Value ("NAV") per fully diluted share, production and cash flow. NAV per share increased to $38.42 per fully diluted share discounted at 10 percent, representing growth of 7 percent over 2010, not including dividends paid during the year. Including dividends paid in 2011, this represents a 14 percent growth in value per share.
Crescent Point achieved 2011 finding and development ("F&D") costs of $18.52 per proved plus probable boe and $23.06 per proved boe of reserves, excluding changes in future development capital ("FDC"). This represents recycle ratios of 2.9 and 2.4 for proved plus probable and proved, respectively.

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[energiser01] 15/3/2012 11:17

Marab, yup not all the SP's reflecting some of the good results or future upside and earnings, I think some of the holdings may really shine over the next 12/24 months, most look well financed, strong cash flow (esp the producing oilers) and good potential from the explo's in the main...across a wide geography, commodities and political sceptrum/risks....can't ask for to much more from what is a still only a small trust....

Update APA Group.

looks like a good steady performer, share price has increasing steadily since a low in Aug 2011.



If APA manage to get the offer through at the current level for Hastings Diversified Utilities Fund ( APA owns 20% already) that would be a great result. I suspect they'll have to raise it a bit, but med/long term still a very good bolt on.

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[marab] 15/3/2012 09:51

energiser01 - there seems to be nothing but good news here. Pretty unique among my other investments. Keep up the good work, it's much appreciated.

[energiser01] 15/3/2012 09:08

Update Pacific Rubiales

Another company with V. strong results and good expectations going into 2012...

full rel @

Pacific Rubiales in 2011: 52% Production Growth, 547% Reserve Replacement, EBITDA and Net Earnings Doubled, Reserves Base Expanded and Diversified
TORONTO, March 14, 2012 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) announced today the release of its audited consolidated financial results for the years ended December 31, 2011 and 2010, together with its Management Discussion and Analysis ("MD&A") for the corresponding period. These documents will be posted on the Company's website at www.pacificrubiales.com and on SEDAR at www.sedar.com. The Company has scheduled a teleconference call for investors and analysts on Thursday March 15th at 8:00 a.m. (Bogota time) / 9:00 a.m. EDT (Toronto time) / 10:00 a.m. (Rio de Janeiro time), to discuss the Company's 2011 year-end results. Analysts and interested investors are invited to participate using the dial-in instructions available at the end of this news release.

2011 Highlights

•Production grew 52% year over year, averaging 86,497 boe/d net after royalties, largely driven by increased production from the Rubiales and Quifa SW oil fields.
•First oil production from the Quifa North and Sabanero areas in December, which will contribute to growth in 2012.
•EBITDA for the year doubled to U.S.$1.95 billion, driven by production growth and higher netbacks.
•Net Earnings increased to U.S.$554.3 million in 2011, from U.S.$265.1 million in 2010.
•Adjusted Net Earnings from Operations increased to U.S.$749.1 million in the year, from U.S.$346.9 million in 2010.
•Significant increase in operating netbacks, with crude oil netbacks increasing to U.S.$61.58/bbl (up 42% compared to 2010) and natural gas netbacks increasing to U.S.$31.09/boe (up 39% compared to 2010).
•Total capital expenditures of U.S.$1.1 billion, including exploration spending of U.S.$267 million; up marginally from U.S.$954 million in 2010.
•Growth in 2011 total proved plus probable ("2P") net reserves of 52% adding 169.5 million boe, largely through the drill bit. 2P reserves replacement of 547%, and an increase in 2P reserves life index ("RLI") to 13.
•Successful diversification of the reserves base with the Rubiales field now accounting for less than 30% of the Company's net reserves base from 60% in 2008.
•First bookings of 44 MMbbl 2P net reserves from the CPE-6 E&P block at year-end 2011.
•Independent resource assessment totaling 2.8 billion boe Best Estimate (P50), from the evaluation of 25 of the Company's exploration blocks.
•Exploration success of 84%, from drilling of 69 exploration, appraisal and stratigraphic wells.
•Further optimization of oil transportation infrastructure with an increase in the total transportation capacity of the ODL pipeline (transporting oil out of the Rubiales and Quifa fields, PRE 35% equity interest) to 340 Mbbl/d in December; and start of construction of new diluent blending facilities at Cusiana.
•In the first quarter of 2012, the Company increased its dividend from U.S.$0.093 per common share to U.S.$0.11/share, a reflection of the Company's increased cash flow.
Ronald Pantin, Chief Executive Officer of the Company commented: "2011 was another outstanding year of growth for Pacific Rubiales, and the Company had a very successful year in terms of its operational delivery and strategic positioning.

Our production increased by over 50%, and our reserves additions more than kept pace with 5.5 boe of 2P reserves added for every boe produced during the year. Financial results were strong across all important measures, with revenues, EBITDA, net earnings and adjusted net earnings from operations all doubling from a year ago. The Company realized first production from the Quifa North area, which we expect to continue to grow in 2012. In addition, Maurel & Prom Colombia, B.V., a company in which we hold an indirect 49.999% interest, realized first production from the Sabanero area.

I am particularly pleased with the growth and successful diversification of the Company's reserves base, underpinned by continued reserves bookings in the Quifa area, new reserve additions at Sabanero and the first reserves bookings on the CPE-6 E&P block. The Rubiales field now accounts for less than 30% of the Company's larger reserves base, and new reserves additions underpin the future production growth targets of Pacific Rubiales.

I fully expect another exciting year in 2012, with an oil leveraged production base, and ample exploration acreage and resource to drive continued growth in the immediate and longer term."


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[energiser01] 14/3/2012 14:45

Update Baytex

Results look very strong.



Baytex Announces 2011 Results and Year-End 2011 Reserves
CALGARY, ALBERTA--(Marketwire - March 14, 2012) - Baytex Energy Corp. ("Baytex") (TSX:BTE) (NYSE:BTE) is pleased to announce its operating and financial results for the three months and year ended December 31, 2011 (all amounts are in Canadian dollars unless otherwise noted).

Summary

Produced record quarterly production of 53,054 boe/d in Q4/2011 (an increase of 18% over Q4/2010) and record annual production of 50,132 boe/d in 2011 (an increase of 13% over 2010);
Generated record quarterly funds from operations ("FFO") of $163.0 million ($1.39 per basic share) in Q4/2011 (an increase of 32% over Q4/2010) and record annual FFO of $555.5 million ($4.79 per basic share) in 2011 (an increase of 24% over 2010);
Increased total proved reserves by 12% to 157 million boe and total proved plus probable reserves by 10% to 252 million boe;
As at December 31, 2011, contingent resource ranges from 560 million boe in the "Low Estimate" (a 6% increase over year-end 2010) to 1.2 billion boe in the "High Estimate" (an 19% increase over year-end 2010), with a "Best Estimate" of 783 million boe (a 17% increase over year-end 2010);
Replaced 156% of 2011 production through exploration and development ("E&D") activities alone while re-investing only 66% of 2011 FFO into E&D. Including acquisitions (net of proceeds of disposition), our capital program replaced 227% of production while investing 93% of FFO;
Recorded finding, development and acquisition ("FD&A") costs in 2011 of $18.57 per boe for proved plus probable reserves including changes in future development costs ("FDC") and $12.46 per boe excluding changes in FDC. Three year average (2009 - 2011) FD&A costs are $16.83 per boe for proved plus probable reserves including changes in FDC and $9.52 per boe excluding changes in FDC;
Realized a recycle ratio (operating netback divided by FD&A costs) based on proved plus probable reserves (including changes in FDC) of 1.9x in 2011 and 1.9x for the three year average, and a recycle ratio based on proved plus probable reserves (excluding changes in FDC) of 2.8x in 2011 and 3.4x for the three year average;
Maintained a cash payout ratio in Q4/2011 of 31% net of dividend reinvestment plan ("DRIP") participation;
Closed a previously announced disposition of certain primarily undeveloped lands in Alberta and Saskatchewan for $47.4 million; and
Generated total market return (including reinvestment of dividends) of 31.6% in Q4/2011 and 28.1% in 2011.
Three Months Ended Years Ended
December 31, 2011 September 30, 2011 December 31, 2010 December 31, 2011 December 31, 2010
FINANCIAL (thousands of Canadian dollars, except per common share or unit amounts)
Petroleum and natural gas sales 367,813 313,787 263,497 1,308,814 1,005,136
Funds from operations (1) 162,973 144,825 123,162 555,483 447,657
Per share or unit - basic 1.39 1.24 1.09 4.79 4.02
Per share or unit - diluted 1.36 1.22 1.06 4.67 3.89
Cash dividends or distributions declared (2) 50,925 50,270 48,126 205,960 189,824
Cash dividends or distributions declared per share or unit 0.62 0.60 0.56 2.42 2.18
Net income 57,780 51,839 21,355 217,432 231,615
Per share or unit - basic 0.49 0.45 0.19 1.88 2.08
Per share or unit - diluted 0.48 0.44 0.18 1.83 2.01

Exploration and development 72,013 100,368 59,350 367,848 231,619
Property acquisitions 10,329 28,502 3,096 76,164 22,412
Corporate acquisition 1,313 22 - 120,006 40,314
Proceeds from divestitures (47,396 ) - (896 ) (47,396 ) (19,033 )
Total oil and natural gas capital expenditures 36,259 128,892 61,550 516,622 275,312

Bank loan 311,960 368,184 303,773 311,960 303,773
Long-term debt 302,550 305,835 150,000 302,550 150,000
Working capital deficiency 36,071 65,180 52,462 36,071 52,462
Total monetary debt (3) 650,581 739,199 506,235 650,581 506,235

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