We are oil focused. Virtually none of our drilling expenditures are going towards natural gas projects. So our oil and our liquids growth is accelerating faster than Boe per day growth. 46,900 barrels of oil and liquids is the oil and liquids contribution of a 54,000 Boe a day guidance. We’ve been growing our oil and liquids at an 11% cater over the same timeframe as the 8% Boe per day growth in the company as a whole.This is quite a dizzy slide but it’s a very, very important slide to start to tell the story of our historic capital efficiencies. If you just look at the right-hand column our long-term averages for finding and development costs, including and excluding future development costs for the eight year period from 2004 to 2011, excluding FDCs we’ve added reserves at an average of $9.55 per Boe including FDCs $14.40. Those are top quartile numbers for the Western Canadian Basin and we’ve been able to add reserves at a relatively low-cost and obviously as a commodity producer that's critical when you don’t control the selling price of your goods.
Baytex Energy Management Presents At Barclays CEO Energy/Power Conference (Transcript)
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