Please refer to the cautionary advisories in the May 1, 2012, news release and Talisman's most recent Annual Information Form, which contain additional information about the applicable risk factors and assumptions.
I would like to remind everyone that this conference call is being recorded on Tuesday, May 1, at 8:30 a.m. Mountain Time.
I will now turn the conference over to Mr. John Manzoni. You may begin your conference.
John A. ManzoniThank you, Michelle. Ladies and gentlemen, good morning. And thank you for joining our call today. As usual, I'm joined by the management team here in Calgary, who will help to answer your questions after Scott and I have given you the main points on the quarter. A word about commodity price outlook is context to what I shall talk about in terms of our capital program for the year. Gas prices here in North America continue to reflect the combination of oversupply and an unusually warm winter and have remained below what we believe to be a necessary long term equilibrium price. However, with the injection season now upon us, it's quite possible that this gets even worse before it gets better and we've adjusted our capital plans accordingly. There are some early voices of optimism that the coal switching, which has occurred over the last quarter will play a role in accelerating the recovery, but I don't think anyone is expecting positive news until at least the end of this year. And we need to be ready for this to last well into 2013. Oil prices have been strong, and we believe Brent will continue to be underpinned at the $90 to $100 a barrel range. We should expect some volatility around that just as we're seeing today on the upside as a result of geopolitics, but as a base projection, we remain comfortable in the $90 to $100 range.