The average WTI price for Q4/2012 was US$88.18/bbl, a 6% decrease from Q4/2011 and a 4% decrease from Q3/2012. We received an average oil and NGL price of $57.39/bbl in Q4/2012 (inclusive of our physical hedging gains), down 22% from $73.13/bbl for Q4/2011 and down 7% from $61.63/bbl for Q3/2012. For the full-year 2012, WTI price averaged US$94.19/bbl, a 1% decrease from 2011. We received an average oil and NGL price of $61.74/bbl in 2012 (inclusive of our physical hedging gains), down 10% from $68.26/bbl for 2011. Our realized oil prices include the impact of sales to new markets by rail, which averaged approximately 8,400 bbl/d of raw bitumen for Q4/2012, and was approximately 7,500 bbl/d for 2012.
The discount for Canadian heavy oil, as measured by the Western Canadian Select ("WCS") price differential to WTI, averaged 21% in Q4/2012, as compared to 24% in Q3/2012. As Q4/2012 progressed, the monthly WCS differential widened due to higher U.S. refinery outages as well as apportionment of access to the main Canadian export pipeline systems. For the year ended December 31, 2012, the WCS price differential averaged 22%, as compared to 18% in 2011.
In this volatile differential environment, Baytex continues to actively hedge its exposure to commodity prices and foreign exchange rates. We have established forward contracts for Q1/2013 on approximately 47% of our WTI exposure at a fixed price of US$98.46/bbl, 43% of our exposure to WCS heavy oil differentials through a combination of long term physical supply contracts and rail delivery, 20% of our natural gas price exposure, and 33% of our exposure to currency movements between the U.S. and Canadian dollars. Details of our hedging contracts are contained in the notes to our financial statements.
We continue to monitor the markets for opportunities to add to our hedge positions. As part of our hedging program, we are focused on opportunities to further mitigate our exposure to WCS price differentials by transporting crude oil to higher value markets by railway. By the end of Q1/2013, we expect to be delivering approximately 40% of our heavy oil volumes by rail, and we continue to explore opportunities for additional rail deliveries.
We ended the year with total monetary debt of $600 million representing a debt-to-FFO ratio of 1.1 times, based on FFO over the trailing twelve-month period. Baytex further improved our already significant financial liquidity in 2012, having over $580 million of available undrawn credit facilities at year-end, and no long-term debt maturities until 2021. The acquisition of the Cold Lake lands in Q4/2012 were funded by a draw on our credit facilities, and the proceeds from the Q1/2013 sale of the Kerrobert Viking rights have been used to repay amounts outstanding on our credit facilities.
Year-End 2012 Reserves
Baytex's year-end 2012 reserves are evaluated by Sproule Associates Limited ("Sproule"), the independent reserves evaluator for all of Baytex's oil and gas properties, in accordance with National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities" ("NI 51-101"). In 2012, reserves associated with our thermal heavy oil projects at Peace River, Gemini (Cold Lake), and Kerrobert have been classified as bitumen, in accordance with NI 51-101. Complete reserves disclosure will be included in our Annual Information Form for the year ended December 31, 2012, which will be filed in late March 2013.
Highlights of the 2012 reserve report include:
-- Total proved plus probable reserves increased 16% to 292 million boe and increased 12% on a per-share basis. Year-end 2012 proved plus probable reserves are comprised of 93% oil and NGL and 7% natural gas;-- Reserve life index on a proved plus probable basis is 14.0 years based on the mid-point of our 2013 production guidance of 57,000 boe/d;-- Year-end 2012 reserves reflect continued growth of our heavy oil and bitumen reserves to 223 million barrels of proved plus probable reserves, an increase of 25% over 2011;-- Exploration and development capital expenditures in 2012 totaled $419 million. Property acquisitions were $144 million and proceeds of disposition were $315 million, which resulted in a total net capital outlay in 2012 of $248 million. This level of net expenditures resulted in the net addition of 58.9 million boe on a proved plus probable basis;-- Inclusive of acquisitions and divestitures, replaced 300% of production, with FD&A costs of $11.61 per boe for proved plus probable reserves including changes in FDC. Three-year average (2010 - 2012) FD&A costs are $14.06 per boe for proved plus probable reserves including changes in FDC;-- Replaced 170% of production through exploration and development activities (excluding acquisitions and divestitures) with finding and development costs of $19.88/boe, including changes in FDC. Three-year average (2010-2012) finding and development costs are $16.61/boe, including changes in FDC;-- Generated a recycle ratio (operating netback divided by FD&A costs) based on proved plus probable reserves (including changes in FDC) of 2.7x in 2012 and 2.3x for the three-year average;-- At Peace River, proved plus probable reserves increased 8% to 110.0 million barrels, consisting of 63.6 million barrels of primary (cold) reserves and 46.4 million barrels of bitumen reserves associated with our Cliffdale thermal project;-- At our Gemini SAGD project in the Angling Lake (Cold Lake) region of northeast Alberta, proved plus probable bitumen reserves totaled 43.6 million barrels; and-- In our light oil resource play in North Dakota, proved plus probable reserves increased 5% to 34.4 million boe, inclusive of the 2012 divestiture of 18.1 million boe of proved plus probable reserves.