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CAPITAL EXPENDITURES
Exploration and evaluation assets, property and equipment, net $000s----------------------------------------------------------------------------Balance at December 31, 2011 585,826Additions 210,410Guide Arrangement 505,802Disposals (110,525)Decommissioning liability additions 28,392Capitalized share-based and deferred compensation 839Derecognition expense (784)Non-monetary transactions 6,373Depletion and depreciation (121,568)Impairment of property and equipment (144,116)----------------------------------------------------------------------------Balance at December 31, 2012 960,649--------------------------------------------------------------------------------------------------------------------------------------------------------Year ended December 31 2012 2011---------------------------------------------------------------------------- $000s % $000s %Land 15,157 7 41,195 23Geological and geophysical 3,612 2 4,543 3Drilling and completion 149,293 71 102,344 57Plant and facilities 43,160 21 31,292 17Inventory (1,313) (1) 228 -Other assets 501 - 393 -----------------------------------------------------------------------------Exploration & evaluation assets, property & equipment expenditures 210,410 100 179,995 100--------------------------------------------------------------------------------------------------------------------------------------------------------
SHARE INFORMATION
The following table summarizes the outstanding shares of Long Run as of December 31:
2012 2011----------------------------------------------------------------------------Common Shares 110,107,152 67,355,377Non-Voting Convertible Shares 15,512,858 15,613,564Options 8,042,000 4,849,135Warrants to purchase 0.4167 Common Shares 2,300,000 -
RESERVES
At December 31, 2012, total proved reserves as a percentage of proved plus probable reserves were 65 percent. All of our reserves were evaluated, effective December 31, 2012, in a report (the "Sproule Report") prepared by the independent engineering firm Sproule Associates Limited ("Sproule").
The following summarizes the Corporation's crude oil, natural gas and natural gas liquids reserves and the net present value of the future net revenues therefrom using forecast prices and costs as evaluated in the Sproule Report. The reserve estimates contained in the Sproule Report have been calculated in compliance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Under NI 51-101, proved reserves estimates are defined as having a high degree of certainty with a targeted 90 percent probability in aggregate that actual reserves recovered over time will equal or exceed proved reserve estimates. For proved plus probable reserves under NI 51-101, the targeted probability is an equal (50 percent) likelihood that the actual reserves to be recovered will be equal to or greater than the proved plus probable reserves estimate. The reserves estimates set forth below are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.
