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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.
Even more important is the continued concentration on oil. We replaced 168% of our oil produced for the year, all percentages increased every year since the company was founded and made a leap last year to 71% of our proved reserves. That only focus continues to drive our PV-10, which jumped nearly $1 billion to $4.3 billion on proved reserves alone. The end result is that our proved-only SEC PV-10 value significantly above our total market capitalization. Kevin, by the way, adjusted for net debt, the proved-only PV-10 at $39 a share. As we've shown, we have a good tract record in efficiently converting probables and possibles to proved. We have repeatedly demonstrated in the 6-year history of our company that the unbooked upside of our core properties is real.We sure will spend the bulk of our capital to continue to develop our properties while spending approximately 15% on some key exploration wells that can move the reserve real meaningfully. Another subtle change of focus for our activity is our efforts to increase recovery from our existing producing reservoirs using horizontal wells and pressure support. Then we'll expand on this more as we discuss the fiscal 2013 plan in a few minutes. But first, I'd like to have West review some of the highlights from the last quarter end of fiscal year. Read the rest of this transcript for free on seekingalpha.com