Specific forward-looking information contained in this MD&A may include, among others, statements regarding:
-- the performance characteristics of the Company's oil, NGL and natural gas properties;-- oil, NGL and natural gas production levels, sales volumes and revenue;-- the size of the Company's oil, NGL and natural gas reserves;-- projections of market prices and costs;-- supply and demand for oil, NGL and natural gas;-- the Company's ability to raise capital and to continually add to reserves through acquisitions and development;-- future funds from operations;-- debt and liquidity levels;-- future royalty rates;-- future depletion, depreciation and accretion rates;-- treatment under governmental regulatory regimes and tax laws;-- work commitments and capital expenditure programs;-- the Company's future development and exploration activities and the timing of these activities;-- the Company's future ability to satisfy certain contractual obligations;-- future economic conditions, including future interest rates;-- the impact of governmental controls, regulations and applicable royalty rates on the Company's operations;-- the completion of the Offering and uses of proceeds to be received from the Offering;-- the Company's expectations regarding the development and production potential of its properties;-- the Company's expectations regarding the costs for development activities;-- the resolution of various legal claims raised against the Company;-- the potential for asset impairment and recoverable amounts of such assets; and-- changes to accounting estimates and accounting policies.
The forward-looking statements contained in this MD&A are based on certain key expectations and assumptions made by us, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the availability of capital to undertake planned activities and the availability and cost of labor and services. Although the Company believes that the expectations reflected in the forward-looking statements in this MD&A are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and natural gas industry in general, such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation, as well as the other risk factors identified under "Risk Factors" herein. Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated, and can be profitably produced in the future. You are cautioned that the foregoing list of factors and risks is not exhaustive.