Vero looking good

[dan_s]

HIGHLIGHTS OF THE RETAINED OIL ASSETS FOR THE FIRST QUARTER OF 2012

•Drilled 8 (6.9 net) Cardium horizontal light oil wells in the first quarter of 2012 with 100% success. 3.9 net of these wells were new pool discoveries.
•Grew crude oil and total production by 53% in Q1 2012 compared to Q1 of 2011.
•Achieved average product price of $61.23 per boe.
•Low operating costs of $7.90 per boe helped attain high operating netbacks of $44.11 per boe.
•Year end 2011, independently evaluated, total proved and probable reserves of 9.0 million boe's which is 38% growth over the prior year end.
•Started with a bank credit facility of $45 million in January after the disposition, and increased it to $65 million in April. The amount drawn at March 31, 2012 was nominal at $1.1 million .