(1) Petroleum and natural gas ("P&NG") revenue and pricing includes any realized gains or losses from risk management commodity contract settlements.(2) Funds from operations does not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). Please refer to the Reader Advisories at the end of the news release.(3) Net debt is not a recognized measure under IFRS. Please refer to the Reader Advisories at the end of the news release.(4) As of March 12, 2013, 104.28 million common shares were outstanding.(5) Operating netback is not a recognized measure under IFRS. Please refer to the Reader Advisories at the end of the news release.
-- Fourth quarter 2012 production averaged 6,656 boe/d, weighted 47% light oil, 3% NGLs and 50% natural gas; an overall increase of 34% over the third quarter 2012 production of 4,967 boe/d. The increase is attributable to the successful development of the Company's light oil properties at Waskahigan and Ante Creek, which has enabled RMP's crude oil weighting for the fourth quarter to increase to 47%, as compared to an oil production weighting of 25% in the fourth quarter 2011.-- Petroleum and natural gas revenue for the fourth quarter amounted to $30.3 million (including a realized oil hedging gain of $758 thousand), of which 78% was derived from crude oil and NGLs sales. The Company's realized crude oil discount differential to the Canadian-dollar converted WTI price averaged $9.84/bbl during the fourth quarter. Petroleum and natural gas revenue for fiscal 2012 amounted to approximately $86.0 million (including a realized oil hedging gain of $1.3 million), an increase of 74% over the $49.5 million in fiscal 2011.-- In fiscal 2012, the Company incurred net capital expenditures of approximately $95 million. RMP drilled seventeen (15.8 net) horizontal wells and a water disposal well in 2012. The Company's 2012 capital program resulted in a finding and development cost of $13.76 per proved plus probable boe (please refer to the Year-End Reserves Information disclosure hereafter).-- The Company was drawn $69.0 million on its bank lines as at December 31, 2012 and had negative working capital of $7.7 million for a year-end net debt total of $76.7 million. As at March 12, 2013, RMP was drawn approximately $76 million on the bank facility, which presently has a $110 million borrowing base limit.-- RMP reported quarterly funds from operations of approximately $20 million ($0.19 per share) for the three months ended December 31, 2012, up 69% in aggregate (58% per share) from funds from operations for the preceding third quarter of 2012. Funds from operations for fiscal 2012 were $51.7 million, an increase of 112% (73% per share) over fiscal 2011.-- For the year ended December 31, 2012, RMP reported a net loss of $7.8 million. The net loss is primarily a result of an $18.5 million non-cash impairment charge to its gas-weighted assets at Greater Kaybob and West Central Alberta, which includes Pine Creek, mainly due to lower forecasted natural gas prices.
The Company's audited consolidated financial statements and associated Management's Discussion and Analysis for the year ended December 31, 2012 is available on RMP's website at www.rmpenergyinc.com within "Investors" under "Financials". Additionally, these documents have been filed today on the System for Electronic Document Analysis and Retrieval ("SEDAR"). These documents can be retrieved electronically from the SEDAR system by accessing RMP's public filings under "Search for Public Company Documents" within the "Search Database" module at www.sedar.com.