The Company leases various offices and computer software under non-cancellable operating lease agreements. The head office lease terminates on June 30, 2014, while other lease terms are between one and three years, and the majority of lease agreements are renewable at the end of the lease period at the prevailing market rate.
The minimum future payments under non-cancellable operating leases are as follows:
December 31, 2012Less than one year $ 915Between one year and two years 447 ---------- $ 1,362----------------------------------------------------------------------------
The total operating lease expenditure charged to the income statement during the year is disclosed in note 15.
(c) Other commitments and contingencies. The Company has entered into firm service gas transportation agreements in which the Company guarantees certain minimum volumes of natural gas will be shipped on various gas transportation systems. The terms of the various agreements expire in one to eight years. If no volumes were shipped pursuant to the agreements, the maximum amounts payable under the guarantees based on current tariff rates are as follows:
2013 2014 2015 2016 2017 ThereafterFirm service commitment $ 904 $ 781 $ 674 $ 100 $ 95 $ 205 ---------------------------------------------Firm service committed volumes (MMcfd) 10 6 5 3 3 6----------------------------------------------------------------------------
The Company entered into a facilities construction and operation agreement in 2011 that defines the term based on a volume throughput at a specific fee per cubic metre of oil that utilizes the facility. The value of volume and fee amounts to $2.6 million ("Term Amount"). As at December 31, 2012 the Company has satisfied $1.6 million of the Term Amount. In addition, the agreement contains a guaranteed a five-year minimum annual volume and fee ("Minimum Revenue") to the crude oil pipeline operator related to volumes of crude oil shipments through the new facilities and pipeline, reduced by actual volumes shipped. To date, the volumes of crude oil shipped has exceed the minimum required. If the Company exceeds the minimum volume requirement in a single year, the excess is carried forward as a credit to the Minimum Revenue guarantee in the subsequent year. Subsequent to December 31, 2012, the Company exceeded the cumulative five year minimum volume requirement, thereby eliminating the yearly Minimum Revenue requirement.
Corporate InformationHead Office2200, 333 - 7th Avenue, S.W.Calgary, AlbertaCanada T2P 2Z1Phone (403) 262-6307Fax (403) 261-2792Website http://www.andersonenergy.ca/DirectorsJ.C. Anderson(4)Calgary, AlbertaBrian H. DauCalgary, AlbertaChristopher L. Fong (1)(2)(3)(4)Calgary, AlbertaGlenn D. Hockley (1)(3)(4)Calgary, AlbertaDavid J. Sandmeyer (2)(3)(4)Calgary, AlbertaDavid G. Scobie (1)(2)(4)Calgary, AlbertaMember of:(1) Audit Committee(2) Compensation & CorporateGovernance Committee(3) Reserves Committee(4) Special CommitteeAuditorsKPMG LLPIndependent EngineersGLJ Petroleum Consultants Ltd.Legal CounselBennett Jones LLPRegistrar & Transfer AgentValiant Trust CompanyStock ExchangeThe Toronto Stock ExchangeSymbol AXL, AXL.DB, AXL.DB.BContact InformationAnderson Energy Ltd.Brian H. DauPresident & Chief Executive Officer(403) 262-6307info@andersonenergy.caOfficersJ.C. AndersonChairman of the BoardBrian H. DauPresident & Chief Executive OfficerDavid M. SpykerChief Operating OfficerM. Darlene WongVice President Finance, Chief FinancialOfficer & SecretaryBlaine M. ChicoineVice President, Drilling and CompletionsSandra M. DrinnanVice President, LandPhilip A. HarveyVice President, ExploitationJamie A. MarshallVice President, ExplorationPatrick M. O'RourkeVice President, ProductionAbbreviations usedAECO - intra-Alberta Nova inventory transfer price bbl - barrelbpd - barrels per dayMstb - thousand stock tank barrelsMbbls - thousand barrelsBOE - barrels of oil equivalentBOED - barrels of oil equivalent per dayBOPD - barrels of oil per dayMBOE - thousand barrels of oil equivalentMMBOE - million barrels of oil equivalentm3 - cubic metersGJ - gigajouleMcf - thousand cubic feetMcfd - thousand cubic feet per dayMMcf - million cubic feetMMcfd - million cubic feet per dayMMBtu - million British thermal unitsNGL - natural gas liquidsWTI - West Texas IntermediateUS - United States dollars
Contacts:
Anderson Energy Ltd.
Brian H. Dau
President & Chief Executive Officer
(403) 262-6307
info@andersonenergy.ca
www.andersonenergy.ca
