Enerplus Corporation provide fourth quarter 2012 results as well as 2012 year-end operating, financial and reserves results.
The company delivered significant production and funds flow growth in 2012 ending the year with strong fourth quarter results. Company's funds flow improved by 12% over 2011 due to a 9% increase in production and a higher weighting to crude oil largely due to the successful results of our drilling program at Fort Berthold in North Dakota.
The company also delivered another strong year in terms of organic reserve growth, replacing over 190% of our production in 2012 at attractive finding and development costs (F&D costs) for the second year in a row. Our proved plus probable (P+P) F&D costs including future development capital (FDC) were $24.21 per BOE in 2012. In addition, we preserved our financial flexibility exiting 2012 with a debt-to-funds flow ratio of 1.7 times and are positioned to deliver on our corporate objectives in 2013.
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Enerplus Corporation
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