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Also, earnings were affected in the fourth quarter of 2011 and the second quarter of 2012 by impairments in the value of property, plant and equipment related to the impact of natural gas prices on reserves values.
Bank loans plus cash working capital deficiency balances fluctuated in response to the capital spending programs related to the Cardium development through 2011 and 2012, and were drawn down with the proceeds from the sale of property, plant and equipment and cash from operating activities.
SELECTED QUARTERLY INFORMATION($amounts in thousands, except per share amounts and prices) -------------------------------------- Q4 2012 Q3 2012 Q2 2012 Q1 2012 -------- -------- -------- --------Revenue, net of royalties $ 13,796 $ 15,284 $ 18,290 $ 22,445Funds from operations $ 5,694 $ 5,725 $ 7,606 $ 10,616Funds from operations per share, basic and diluted $ 0.03 $ 0.03 $ 0.04 $ 0.06Earnings (loss) before effect of impairments $ (8,895) $ 94 $ (1,828) $ (5,864)Earnings (loss) per share before effect of impairments, basic and diluted $ (0.05) $ - $ (0.01) $ (0.03)Earnings (loss) $ (8,895) $ 94 $(16,828) $ (5,864)Earnings (loss) per share, basic and diluted $ (0.05) $ - $ (0.10) $ (0.03)Capital expenditures, net of proceeds on dispositions $(26,880) $(28,986) $ 4,786 $ 12,090Cash from operating activities $ 6,976 $ 5,845 $ 7,712 $ 9,306Bank loans plus cash working capital deficiency $ 64,531 $ 96,991 $131,675 $134,437Daily sales Natural gas (Mcfd) 18,159 23,519 26,438 27,463 Oil (bpd) 1,135 1,274 1,669 1,956 NGL (bpd) 338 576 750 703 BOE (BOED) 4,500 5,770 6,825 7,236Average prices Natural gas ($/Mcf) $ 3.16 $ 2.24 $ 1.72 2.01 Oil ($/bbl)(2) $ 79.73 $ 80.44 $ 81.58 $ 88.48 NGL ($/bbl) $ 52.02 $ 51.59 $ 54.38 $ 67.36 BOE ($/BOE)(1)(2) $ 36.89 $ 32.05 $ 32.70 $ 38.28-------------------------------------------------------------------------------------------------------------------------------------------------------- Q4 2011 Q3 2011 Q2 2011 Q1 2011 -------- -------- -------- --------Revenue, net of royalties $ 28,457 $ 24,970 $ 27,776 $ 23,283Funds from operations $ 16,997 $ 12,655 $ 13,944 $ 10,868Funds from operations per share, basic and diluted $ 0.10 $ 0.07 $ 0.08 $ 0.06Earnings (loss) before effect of impairments $ (4,939) $ 6,667 $ 5,932 $ (3,681)Earnings (loss) per share before effect of impairments, basic and diluted $ (0.03) $ 0.04 $ 0.03 $ (0.02)Earnings (loss) $(32,167) $ 7,472 $ 5,932 $ (3,681)Earnings (loss) per share, basic and diluted $ (0.19) $ 0.04 $ 0.03 $ (0.02)Capital expenditures, net of proceeds on dispositions $ 40,924 $ 49,713 $ 26,284 $ 42,354Cash from operating activities $ 16,462 $ 11,893 $ 14,953 $ 11,001Bank loans plus cash working capital deficiency $132,656 $108,583 $ 71,464 $102,971Daily sales Natural gas (Mcfd) 30,576 30,038 31,990 33,931 Oil (bpd) 2,122 1,709 1,759 1,372 NGL (bpd) 715 636 667 699 BOE (BOED) 7,933 7,351 7,758 7,726Average prices Natural gas ($/Mcf) $ 3.20 $ 3.85 $ 3.79 $ 3.58 Oil ($/bbl)(2) $ 96.33 $ 89.05 $ 99.39 $ 84.71 NGL ($/bbl) $ 72.71 $ 66.07 $ 74.24 $ 65.97 BOE ($/BOE)(1)(2) $ 44.70 $ 42.16 $ 44.71 $ 36.80----------------------------------------------------------------------------(1) Includes royalty and other income classified with oil and gas sales.(2) Excludes realized and unrealized hedging gains (losses) on derivative contracts as follows: Q4 2012 - $2.2 million and ($2.8) million respectively; Q3 2012 - $1.7 million and ($2.7) million respectively; Q2 2012 - $1.3 million and $4.7 million respectively; Q1 2012 - $0.2 million and ($1.7) million respectively; Q4 2011 - ($0.3) million and ($7.9) million respectively; Q3 2011 - $0.9 million and $6.4 million respectively; Q2 2011 - ($0.8) million and $7.7 million respectively and Q1 2011 - ($0.4) million and ($2.8) million respectively.SELECTED ANNUAL INFORMATIONYEARS ENDED DECEMBER 31(in thousands, except per share amounts) 2012 2011 2010Total oil and gas sales(1) $ 77,806 $ 118,292 $ 86,457Total revenue, net of royalties(1) $ 69,815 $ 104,486 $ 77,446Earnings (loss) before effect of impairment $ (16,493) $ 3,979 $ (10,115)Earnings (loss) before effect of impairment per share Basic and diluted $ (0.10) $ 0.02 $ (0.06)Loss $ (31,493) $ (22,444) $ (124,787)Loss per share Basic and diluted $ (0.18) $ (0.13) $ (0.73)Total assets $ 343,478 $ 460,319 $ 378,404Total bank loans $ 48,094 $ 88,682 $ 52,719Total convertible debentures, liability component $ 86,753 $ 84,796 $ 43,460----------------------------------------------------------------------------(1) Includes royalty and other income classified with oil and gas sales. Excludes the realized gain and unrealized gain(loss) on derivative contracts in 2012 of $5.4 million and ($2.5) million; (2011 - ($0.6) million realized loss and $3.3 million unrealized gain) and 2010 - ($0.1) million realized loss and ($1.9) unrealized loss.
