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It is Anderson's current intention to not disclose developments with respect to its strategic alternatives process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary in accordance with applicable law. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction or the impact it will have on the Company's financial position. The Company has not set a definitive schedule to complete the evaluation.
FINANCIAL AND OPERATING HIGHLIGHTS Three months ended December 31 Year ended December 31(thousands of dollars, unless otherwise % % stated) 2012 2011 Change 2012 2011 ChangeOil and gas sales(i) $ 15,274 $ 32,627 (53%) $ 77,806 $118,292 (34%)Revenue, net of royalties(i) $ 13,796 $ 28,457 (52%) $ 69,815 $104,486 (33%)Funds from operations $ 5,694 $ 16,997 (66%) $ 29,641 $ 54,464 (46%)Funds from operations per share Basic and diluted $ 0.03 $ 0.10 (70%) $ 0.17 $ 0.32 (47%)Earnings (loss) before effect of impairment $ (8,895) $ (4,939) (80%) $(16,493) $ 3,979 (515%)Earnings (loss) per share before effect of impairment Basic and diluted $ (0.05) $ (0.03) (67%) $ (0.10) $ 0.02 (600%)Loss $ (8,895) $(32,167) 72% $(31,493) $(22,444) (40%)Loss per share Basic and diluted $ (0.05) $ (0.19) 74% $ (0.18) $ (0.13) (38%)Capital expenditures, including acquisitions net of dispositions $(26,880) $ 40,924 (166%) $(38,990) $159,275 (124%)Bank loans plus cash working capital deficiency $ 64,531 $132,656 (51%)Convertible debentures $ 86,753 $ 84,796 2%Shareholders' equity $132,960 $163,420 (19%)Average sharesoutstanding(thousands): Basic 172,550 172,550 - 172,550 172,538 - Diluted 172,550 172,550 - 172,550 172,538 -Ending sharesoutstanding(thousands) 172,550 172,550 -Average daily sales: Natural gas (Mcfd) 18,159 30,576 (41%) 23,878 31,620 (24%) Oil (bpd) 1,135 2,122 (47%) 1,507 1,743 (14%) NGL (bpd) 338 715 (53%) 591 679 (13%) Barrels of oil equivalent (BOED) 4,500 7,933 (43%) 6,078 7,692 (21%)Average prices: Natural gas ($/Mcf) $ 3.16 $ 3.20 (1%) $ 2.21 $ 3.60 (39%) Oil ($/bbl) $ 79.73 $ 96.33 (17%) $ 83.21 $ 93.05 (11%) NGL ($/bbl) $ 52.02 $ 72.71 (28%) $ 57.20 $ 69.81 (18%) Barrels of oil equivalent ($/BOE)(i) $ 36.89 $ 44.70 (17%) $ 34.98 $ 42.13 (17%)Realized gain (loss) on derivative contracts ($/BOE) $ 5.39 $ (0.37) 1557% $ 2.44 $ (0.22) 1209%Royalties ($/BOE) $ 3.57 $ 5.71 (37%) $ 3.59 $ 4.92 (27%)Operating costs ($/BOE) $ 12.11 $ 8.30 46% $ 10.90 $ 10.52 4%Transportation costs ($/BOE) $ 0.10 $ 0.44 (77%) $ 0.22 $ 0.58 (62%)Operating netback ($/BOE) $ 26.50 $ 29.88 (11%) $ 22.71 $ 25.89 (12%)Reserves (MBOE): Total proved 10,297 20,945 (51%) Total proved plus probable 17,770 34,325 (48%)Wells drilled (gross) 4 11 (64%) 7 52 (87%)
