Today's conference call also includes a non-GAAP measure, funds flow from operations. The press release disseminated by Gran Tierra Energy last night includes a reconciliation of this non-GAAP item with the company’s GAAP net income and loss, as well as information about why the management believes this measure is useful in evaluating the company’s performance and is available on Gran Tierra's Energy website, www.grantierra.com.
All dollar amounts mentioned in today’s conference call are in U.S. dollars, unless otherwise stated.
Finally, this earnings call is the property of Gran Tierra Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy. I will now turn the conference over to Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. Mr. Coffield, please go ahead.
Dana CoffieldThank you, Francine. Good morning, and thank you for joining us for Gran Tierra Energy's Third Quarter 2011 Results Conference Call. With me today is Martin Eden, our Chief Financial Officer; Shane O’leary, our Chief Operating Officer is unable to join us today due to schedule conflicts. On November 7, we disseminated a press release that included detailed financial information about the quarter. In addition, Gran Tierra Energy's 2011 report on Form 10-Q for the 3 months ending September 30, 2011, has been filed on EDGAR and is available on our website at www.grantierra.com. I'm going to begin today by talking about some of the key developments for the quarter. Martin will then take a few minutes to discuss key aspects of this quarter's financial results. I will then provide an operational overview and outlook followed by closing remarks. Financially, the third quarter was highlighted by revenue and other income of $151 million, net income of $49.1 million, and funds flow from operations of $72.8 million. Cash and cash equivalents were $226.4 million and working capital was $230.5 million at the end of the quarter. As before, the company remains debt free. Operationally, the third quarter was highlighted by record quarterly production of 18,369 barrels of oil equivalent per day, a 36% increase from the year before. Approximately, 95% of this, or 17,437 barrels was light, high-quality high [ph] crude oil. Gran Tierra Energy also confirmed 2 new oil discoveries, one in Columbia and one in Argentina, plus a very important appraisal well with Moqueta-6 in Colombia, which has confirmed additional oil volume in this growing oil discovery.