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Capital Expenditures
Year ended December 31 2012 2011----------------------------------------------------------------------------Geological and geophysical 6.0 5.5Drilling, completion and tie-ins 304.6 303.7Facilities and gathering 212.5 156.5----------------------------------------------------------------------------Exploration and development expenditures 523.1 465.7Land and property acquisitions 25.2 38.2----------------------------------------------------------------------------Principal Properties 548.3 503.9Strategic Investments(1) 82.5 28.0Corporate 0.4 0.1---------------------------------------------------------------------------- 631.2 532.0--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Strategic Investments includes $7.0 million of undeveloped land purchases.LANDAs at December 31 2012 2011----------------------------------------------------------------------------(000's of acres) Average Average Working Working Gross(1) Net(2) Interest Gross(1) Net(2) Interest----------------------------------------------------------------------------Undeveloped land 1,685 1,190 71% 1,736 1,225 71%Acreage assigned reserves 523 289 55% 574 334 58%----------------------------------------------------------------------------Total 2,208 1,479 67% 2,310 1,559 67%--------------------------------------------------------------------------------------------------------------------------------------------------------(1) "Gross" acres means the total acreage in which Paramount has an interest.(2) "Net" acres means gross acres multiplied by Paramount's working interest therein.
ADDITIONAL INFORMATION
Advance Notice Requirement for Nominating Directors
Paramount's board of directors today approved the adoption of Amended and Restated By-laws of the Corporation ("By-laws") which include an advance notice requirement ("Advance Notice Requirement") for shareholders who wish to nominate a person for election as a director of the Corporation (other than pursuant to a requisition of a meeting, or a shareholder proposal, made pursuant to the provisions of the Alberta Business Corporations Act).
The purpose of the Advance Notice Requirement is to provide shareholders, directors and management of the Corporation with a clear framework for nominating directors. Among other things, the Advance Notice Requirement fixes a deadline by which shareholders must submit a notice of director nominations to the Corporation prior to any annual or special meeting of shareholders where directors are to be elected, and sets out the information that must be included in the notice for it to be valid. In the case of an annual meeting of shareholders, notice must be given to the Corporation not less than 30 days nor more than 65 days prior to the date of the annual meeting; provided, that if the first public announcement of the meeting is given less than 50 days prior to the meeting date notice must be given not later than the close of business on the 10th day following such public announcement.
