In the Cliffdale area, successful operations continued at our 10-well commercial cyclic steam stimulation ("CSS") module, with production during Q4/2012 averaging approximately 400 bbl/d. The cumulative steam-oil-ratio for the project is 2.4, consistent with project design parameters. During Q4/2012, seven wells received steam and six wells commenced post-steam flowback operations. We continue to plan for a new 15-well commercial CSS module at Cliffdale. Upon receipt of regulatory approvals, we will commence facility construction with drilling operations planned for Q3/2013.
In our Lloydminster heavy oil area, Q4/2012 drilling included seven (6.3 net) horizontal oil wells and three (1.4 net) vertical oil wells. We plan to drill 108 wells in the Lloydminster area in 2013, approximately evenly split between horizontal and vertical wells.
In Q4/2012, we completed the previously disclosed acquisition of a 100% working interest in 46 sections of undeveloped oil sands leases in the Angling Lake (Cold Lake) area of northern Alberta for total consideration of $120 million. The lands are proximal to our existing Cold Lake heavy oil assets and are prospective for both cold and thermal development. We expect to commence construction of the Gemini steam-assisted gravity drainage ("SAGD") pilot facilities in the second quarter of 2013.
Light Oil & Natural Gas
During Q4/2012, light oil, NGL and natural gas production averaged 14,789 boe/d, which was comprised of 7,739 bbl/d of light oil and NGL and 42.3 mmcf/d of natural gas. Compared to Q4/2011, light oil and NGL production increased 7% and natural gas production decreased 10%. Compared to Q3/2012, light oil and NGL production increased 10%, and natural gas production increased 4%.
In our Bakken/Three Forks play in North Dakota, we participated in the drilling of seven (1.7 net) horizontal oil wells, six of which were Baytex-operated, and the fracture-stimulation of six (1.8 net) wells in Q4/2012. During Q4/2012, eleven Baytex-operated wells on 1,280-acre spacing established average 30-day peak rates of approximately 475 boe/d. We plan to drill approximately 20 (9.0 net) wells on our Bakken/Three Forks play in North Dakota in 2013.
Subsequent to the end of Q4/2012, we closed the sale of approximately 22,000 net acres of non-core Viking rights in the Kerrobert area of southwest Saskatchewan for $43 million. Production associated with the disposition was approximately 100 bbl/d.
We generated FFO of $127.3 million ($1.05 per basic share) in Q4/2012, a decrease of 22% compared to Q4/2011, and a decrease of 8% compared to Q3/2012. The decrease relative to Q4/2011 and Q3/2012 was largely the result of lower realized oil prices. The Q4/2012 results are net of a non-recurring increase to royalty expense of $4.4 million. Full-year 2012 FFO was $532.7 million ($4.44 per basic share), a decrease of 4% compared to 2011. This decrease was largely due to lower realized oil prices, partially offset by increased sales volumes.
We generated net income of $31.6 million ($0.26 per basic share) in Q4/2012, an increase of 18% over Q3/2012, and a decrease of 45% from Q4/2011. On an annual basis we generated record net income of $258.6 million ($2.16 per basic share) in 2012, an increase of 19% over 2011. The 2012 net income includes the gain on disposition of our North Dakota assets of $172.5 million ($103.5 million after income tax expense).
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