Tourmaline Oil Corp. provided production and cash flow guidance for the full year of 2012. For the year, the company announced that current production has reached 47,000 boepd, achieving the original full year 2012 average production target ahead of schedule. Ongoing tie-ins during the next week are expected to increase production levels to 50,000 boepd or greater. Current oil, condensate and natural gas liquids production is approximately 6,500 boepd, and is expected to reach the 10,000 boepd level by the fourth quarter of 2012. Driven by continued strong drilling results and field execution, full year 2012 average production guidance has been increased to 50,000 boepd. Tourmaline's year over year 2012 vs 2011 average production growth is now well in excess of 50%. For the first quarter 2012, capital spending is expected to be $150.0 million. For the full year 2012, the company forecast cash flow is $429.6 million, down from original 2012 guidance of $440.7 million. Lower natural gas prices, partially offset by increased production levels and a higher proportion of oil and liquids, are responsible for the modestly reduced cash flow. The company is reducing planned 2012 capital spending to $400 million, down from the originally planned $490 million. The company ongoing drilling and completion results continue to significantly exceed type curve expectation in all operated areas. Recent production test highlights from the December-January period include: Kakwa 13-25 Wilrich horizontal tested liquids rich gas at average rates of 22.8 mmcfpd at a flowing pressure of 18.5 MPa; Sunrise b4-25 and c4-25 tested liquids rich Montney gas at average rates of 24.2 and 28.9 mmcfpd, respectively; The Spirit River 15-4 Charlie Lake horizontal tested oil at average rates of 650 bopd with 1.0 mmcfpd of associated gas; Anderson 8-6 vertical tested liquids rich gas from the Notikewin-Falher-Wilrich section at average rates of 10.1 mmcfpd at a flowing pressure of 3.3 MPa; Wild River 13-25 Wilrich horizontal tested liquids rich gas at rates of 13.8 mmcfpd at a flowing pressure of 5.9 MPa. The company is currently operating nine drilling rigs; the operated fleet will be reduced to six rigs by early March 2012. Tourmaline is not planning to operate drilling rigs during break-up in the second quarter this year; drilling operations will resume in July. Tourmaline will move a second rig into Spirit River in February accelerating development of the expanding horizontal light oil opportunity there. With the start-up of the Musreau plant and expanded Sunrise gas plant, the majority of the ongoing infrastructure construction plan is complete; hence, facility expenditures will be significantly lower in 2012. Tourmaline now has processing capacity of 275-300 mmcfpd in the Alberta Deep Basin and 75 mmcfpd in the Dawson-Sunrise BC complex. This owned and operated gas plant and pipeline network allows the Company to realize steadily lower operating costs and improving production efficiencies.