Lease operating expenses were $3.6 million, or $17.25 per Boe, in the fourth quarter of 2012 compared to $2.5 million, or $18.68 per Boe, in the fourth quarter of 2011.
Production taxes in the fourth quarter of 2012 were $0.7 million, or $3.21 per Boe, for an effective tax rate of approximately 3.9% compared to production taxes in the fourth quarter of 2011 of $0.8 million, or $5.53 per Boe, for an effective tax rate of 6.3%.
Total general and administrative expenses during the fourth quarter of 2012 were $2.4 million and included $1.1 million in non-cash equity-based compensation. In comparison, general and administrative expenses during the fourth quarter of 2011 were $1.4 million.
Adjusted EBITDA for the fourth quarter of 2012 was $13.3 million, approximately 122% above Adjusted EBITDA of $6.0 million for the fourth quarter of 2011. Distributable Cash Flow for the fourth quarter of 2012 was $11.7 million after subtracting $0.5 million in cash interest expense and $1.1 million in estimated maintenance capital expenditures.Year End 2012 Estimated Net Proved Reserves Mid-Con Energy's year end 2012 estimated net proved reserves were 13.1 MMBoe, representing a 3.1 MMBoe or approximate 31% increase compared to year end 2011 estimated net proved reserves of 10.0 MMBoe. Reserves at year end 2012 were categorized as approximately 99% oil and 67% proved developed, both on a Boe basis. At December 31, 2012, the standardized measure of the Partnership's estimated net proved reserves was $403.4 million. The standardized measure represents the present value of estimated future net revenue to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC, without giving effect to non-property related expenses, such as general and administrative expenses, debt service and future federal income tax expense, or to depreciation, depletion and amortization, and then discounted using an annual rate of 10 percent. Given Mid-Con Energy's status as a limited partnership, the calculation of standardized measure does not include any provision for federal income tax expense.
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