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And now I'll turn the call over to John.John Daniel Schiller Thanks, Stewart. Welcome, everyone. Our third quarter financials were released yesterday at the close of the market. And we have record production of 45,300 barrels equivalent oil per day for the quarter, producing nearly 70% oil. Our net realized crude price for the quarter was about $1 -- $109 per barrel, representing more than 94% of our pre-head revenues for the quarter. Bottom line is all that drives our financial success. We hit our stride this quarter and are currently running 5 operated rigs and 4 non-operated rigs. This program resulted in a substantial increase in our CapEx for the quarter and yet we still generate our free cash flow during the quarter. Even better next quarter, we'll start reaping the benefits from the increased activity in terms of record production from those assets. The only downside for the quarter was that it's [ph] -- our oil production, we suffered shut ins due to pipeline repairs and rig moves that caused us about 2,000 barrels of oil today, with the majority of that coming from the pipeline. Oil has led our [ph] store for production growth and 2 years with increased oil production over 80%. Current oil production indicates that growth trend is continuing with the capacity that's running 10% above our current quarter grade. We have 6 more wells coming online this quarter with net uplift expected to top [ph] another 10,000 barrels of oil equivalent per day. I'll talk more about those wells and other operations in a few minutes, but first let's turn the call over to West to discuss our financial performance. David West Griffin Thanks, John. Let's take a look at a few highlights from the quarter. We realized $118.76 on crude versus $52.67 on NGLs for an average realized price of $110.54 for the quarter. That's up slightly versus $108.80 in the December quarter.
We realized natural gas prices of $2.52 this quarter versus $3.23 in the December quarter. Even though natural gas prices fell 34% quarter on quarter, our average realized price per barrel equivalent fell less than 3%. Gas prices have a minimal impact on our financial performance.Our LOE remains essentially flat against the December quarter at $19.61 per barrel. And our EBITDA was healthy $52.16 per barrel, our second consecutive quarter above $50 per barrel, even with natural gas prices declining by over 1/3 during that period. G&A was higher quarter on quarter, primarily due to noncash mark-to-market adjustment and stock-based compensation and profit sharing paid during the quarter. Our EBITDA for the past 2 quarters combined is $440 million. On an annualized basis, that's almost $900 million. As we continue to ramp crude oil production, we should see a significant increase in EBITDA and free cash flow. During the fiscal third quarter, the drilling program was at its peak and we spent approximately $155 million in CapEx. And even at that rate, we were cash flow positive. As we bring production tied to this CapEx online in the June and September quarters, you will see accelerated cash flow and increased liquidity. And to help assure that we remain cash flow positive, although we believe that the fundamental for crude oil remains very constructive, we continue to look for prudent ways to enhance our existing hedge portfolio. We recently bought 15,000 barrels per day of the 75-85 WTI foot [ph] spread, paying approximately $0.70 per barrel for this through May through the December period. We are also looking at incremental hedges for calendar 2013 and 2014 periods, which give us additional downside protection while allowing us to participate in the upside. Read the rest of this transcript for free on seekingalpha.com