Now I'll turn it over to John.
John Daniel Schiller
Thanks, Stewart. Welcome, everyone. Our fourth quarter and year-end financials were released at the close of business yesterday. We have record production of 47,600 barrels of oil equivalent per day for the quarter, producing nearly 70% oil. For the year, we averaged more than 44,000 barrels of oil equivalent a day, up 27% year-on-year. Our net realized crude price for the quarter was above $108 a barrel. Oil continues to drive our financial success, generating free cash flow that has bolstered the balance sheet and allowed us to deliver dividends to our shareholders.
Last, we're going with some of the financial highlights in a few moments. Let's quickly review the fiscal 2012 year. We've set out with a budget focused on capturing the low hanging fruits from the acquired ExxonMobil assets. The primary goal is to maximize free cash flow to reduce the leverage we used to buy the properties. What we did was exactly that. We drilled 11 development wells, recompleted 32 wells. We increased oil production 30% year-over-year during the period of healthy commodity prices and delivered a record $4.10 per share in earnings. More importantly, we generated a record $850 million in EBITDA, which allowed us to slash net debt by over $180 million, taking the long-term net debt to cap ratio from 53% down to 39%, achieving our objective of getting our debt to cap below 40%. That's more than 3 percentage points a quarter. Even with the low-risk development focus, without a single high-impact exploration well outside the ultra-deep partnership, we also successfully replaced all of the year's production and grew up for the reserves.Now in still estimated year-end proved reserves at 120 million barrels equivalent, additions and revisions totaled more than 21 million barrels of oil equivalent, which replaced 132% of our production. We had sometimes drop off the -- causing 5-year low, but they're on top as we hold our production. So we'll get to those eventually. Even with that, we replaced nearly 120% of production and grew reserves 3% organically without an acquisition or any bookings from exploration.
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