A bit of a background on our corporate securities. Baytex is listed on the Toronto and New York Stock Exchanges. We have a lot of liquidity in our issue. Current enterprise value is just shy of $6 billion Canadian. We do pay a dividend on a monthly basis, $0.22 per share per month. That translates to a yield of 5.7% based on today’s price. Since inception we have distributed about $1.4 billion of dividends and distributions. That’s an important number to keep in mind when we look at our balance sheet. We have materially improved the strength of our balance sheet while growing our asset base and paying a significant dividend. We have not been a cash retention vehicle. We do have a couple of outstanding senior unsecured debenture issues. So where do we operate. The vast majority of our businesses in the few western provinces in Canada, we do have a small but growing business unit in the North Dakota Bakken. We’re a heavy oil focused producer. 73% of our current production of heavy oil, 14% light oil and NGL and the balance about a sliver of natural gas production.The vast majority of our reserves are oil and liquids and our production is weighted 60% to Alberta, 34% to Saskatchewan and the balance between BC and the U.S. I’ll spend a little bit of time talking about history and history is that, it’s what we have in the past and it’s maybe not super relevant for where we’re going but we think it's important to give you a sense of what we've been able to deliver in the past because I think it should give you some confidence on our ability to continue to deliver going forward. 2012 guidance is to average approximately 54,000 Boe per day of production. 87% of that is oil. That level of production would translate to about an 8% compound annual growth rate over the last number of years of Baytex’s existence.
Baytex Energy Management Presents At Barclays CEO Energy/Power Conference (Transcript)
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