Operator: Welcome to the Baytex Energy Corporation Third Quarter 2012 Results Conference Call. Please be advised that this call is being recorded.
I would now like to turn the meeting over to Mr. Brian Ector, Vice President, Investor Relations. Please go ahead, Mr. Ector.
Brian G. Ector - VP, IR: Thank you, operator and good morning, everyone. Welcome to our third quarter conference call. With me on the call today are James Bowzer, President and Chief Executive Officer; and Marty Proctor, our Chief Operating Officer. Derek Aylesworth, our Chief Financial Officer would normally be with us today but he is traveling to an investor conference.
While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I would refer all listeners to our advisory regarding forward-looking statements contained in today's press release.
I would now like to turn the call over to Jim.
James L. Bowzer - President and CEO: Thanks, Brian and good morning everyone. Let me provide you with a few highlights from the third quarter. Baytex generated record quarterly production of 54,381 boes per day during the quarter and we remain on track to meet our full year guidance of 53,500 boes per day to 54,500 boes per day. As the midpoint of our guidance range this would equate to approximately 8% year-over-year growth. Production during the quarter was weighed at 88% to crude oil and natural gas liquids and about 12% natural gas. Our funds from operations totaled a $139 million or $1.15 per basic share bringing our funds from operations for the first nine months of 2012 to $405 million or $3.39 per share.
Our payout ratio net of our dividend reinvestment plan remains conservative at 38% which is consistent with the 39% payout ratio realized during the first nine months of 2012.
Our balance sheet remains in excellent shape as well with debt-to-funds from operations ratio based on funds from operations for the trailing 12 months of 0.8 times and if you adjust for our previously announced Cold Lake acquisition, this leaves us with almost $600 million of available undrawn credit facilities today. During the third quarter, we spent about $113 million on exploration and development activities, which is on track with our full year plan or expenditures of approximately $400 million. During the third quarter, we drilled 48 net wells with a 98% success rate.
If you let me, I'm going to touch just briefly on a few of our core areas beginning with our operations in Peace River. Production from our Peace River properties averaged approximately 21,350 barrels per day during the quarter, that's up 20% year-over-year basis. Third quarter was once again highlighted by a successful development program where we drilled nine cold multilateral wells with a total of 116 laterals there. During the quarter, we had a total of 10 wells including one well drilled during the second quarter, which established an average 30-day peak production rate of 410 barrels per day. During the rest of the year, we will have about six more horizontals we'll drill in Peace River for the remainder of the year.