Operator: Good afternoon. My name is Christen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Forest Oil Second Quarter 2011 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.
At this time, I'd like to turn the call over to our host Mr. Patrick Redmond. Please go ahead.
Patrick J. Redmond - VP, Corporate Planning and IR: Good afternoon. I want to thank you for participating in our second quarter 2011 earnings conference call. I will note that the replay of this conference call will be available through August 16th, as described in our press release issued yesterday. We have joining us today Craig Clark, President and CEO; Michael Kennedy, Executive President and CFO; and J.C. Ridens, Executive Vice President and COO.
Some of the presenters today will reference certain non-GAAP financial measures regularly used by Forest in measuring its financial performance. Reconciliations of such non-GAAP financial measures with the most comparable financial measure calculated in accordance with GAAP are available on the website and can be viewed by clicking on the Investor Relations tab, then non-GAAP at www.forestoil.com.
In addition, I would like to caution you about our forward-looking statements. All statements other than statements of historical facts that address activities and outcomes that Forest expects, assumes, plans, believes, budgets, forecasts, projects, estimates, anticipates, etcetera, about what will, should, or may occur in the future are forward-looking statements. Please carefully review our cautionary language regarding forward-looking statements that is contained at the end of our press release.
I'll now turn the call over to Michael Kennedy. Thank you.
Michael N. Kennedy - EVP and CFO: Thanks, Pat, and thanks to everyone joining us today. My comments will pertain to the Q2 financial results, which contain items related to our Lone Pine transaction. On June 1, 2011, we completed the IPO the Lone Pine Resources, selling 18% of the Company for $183 million. We intend to spin off our remaining ownership to our shareholders at or around September 30, 2011.
I want to highlight that we consolidate Lone Pine's results into our financial as we own 82%. However, we also presented our financial results as the spin-off of Lone Pine had already occurred, which we describe as Forest Remainco. Results have few one-time items in our Q2 results that pertain to Lone Pine transaction. We have provided these as adjustments to our earnings, cash flow, and EBITDA. I will first provide a high level review of our consolidated results and then follow with a more detailed review of Forest Remainco results.
On a consolidated basis Forest produced 429 MMcfe per day with liquids comprising 26%. This represents 1% sequential growth from Q1 in total production and 14% sequential growth in liquids or 2,100 barrels per day. Adjusted earnings for the quarter were $41 million or $0.36 per share with adjusted EBITDA of $176 million and adjusted cash flow of $140 million.