Operator: Good morning, ladies and gentlemen. Welcome to the Baytex Energy Corp. Fourth 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.
Brian G. Ector - VP, IR: Thank you, operator. Good morning, everyone. Again my name is Brian Ector. I am the Vice President, Investor Relations for Baytex. I will be hosting this morning's conference call. With me here on the call today are James Bowzer, President and Chief Executive Officer; Derek Aylesworth, Chief Financial Officer and Marty Proctor, Chief Operating Officer.
While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. On the call today we will also be discussing the evaluation of reserves and contingent resources at year end 2012. These evaluations have been prepared in accordance with Canadian disclosure standards which are not comparable in all respects to United States or other foreign disclosure standards. Our remarks regarding reserve and contingent resources are also forward-looking statements. I refer you to our advisory regarding forward-looking statements, oil and gas information and non-GAAP financial measures and the notice to U.S. residents 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. I am going to breakdown my comments into three parts for you today. First, I am going to comment on our fourth quarter results and our year end reserves. Second, I am going to provide an update to you on our operations. And then we will close with an update on our marketing portfolio, heavy oil differentials and use of rail transportation.
With respect to the fourth quarter, Baytex generated quarterly production of just over 55,000 boes per day, which brings us full year production to approximately 54,000 boes per day, right at the midpoint of our full year guidance.
Production during the quarter was weighed at 87% to crude oil and natural gas liquids and 13% to natural gas. Our funds from operations totaled C$127 million or C$1.05 per basic share, bringing our funds from operations for the full year to C$533 million for C$4.44 per share. This represents the second highest funds from operations in our company's history which given the volatility we have experienced in heavy oil differentials over the past year is the sign of the underlying strength of our core business.
During the fourth quarter, we had a non-recurring adjustment to our royalty expense which reduced our funds from operations by C$4 million or C$0.03 per share. So, excluding this adjustment, our funds from operations would have come to C$1.08 per share for the quarter.
Our payout ratio, net of dividend reinvestment plan remained conservative at 43%, which is consistent with the 40% payout ratio realized for the full year. We ended the year with total monetary debt of C$603 million representing a debt-to-funds from operations ratios of 1.1 times based on funds from operations for the trailing 12 months. We have significant financial flexibility with over C$580 million of available undrawn credit facilities and no long-term debt maturities until 2021.