Delaware | 001-14039 | 64-0844345 |
(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
incorporation or organization) | Identification Number) |
Exhibit Number | Title of Document | |
99.1 | Press release dated March 14, 2013 providing information regarding Callon Petroleum Company's operating results for the fourth quarter and the year ended December 31, 2012. | |
99.2 | Press release dated March 14, 2013 announcing guidance for the first quarter and full-year 2013. | |
99.3 | Press release dated March 5, 2013 announcing that its conference call reporting fourth quarter and full-year 2012 results would be held on Friday, March 15, 2013 beginning at 10:00 a.m. Central Standard Time. |
Callon Petroleum Company | ||
(Registrant) | ||
March 14, 2013 | By: /s/ B. F. Weatherly | |
B.F. Weatherly | ||
Executive Vice President and Chief Financial Officer | ||
Exhibit Number | Title of Document | |
99.1 | Press release dated March 14, 2013 providing information regarding Callon Petroleum Company's operating results for the fourth quarter and the year ended December 31, 2012. | |
99.2 | Press release dated March 14, 2013 announcing guidance for the first quarter and full-year 2013. | |
99.3 | Press release dated March 5, 2013 announcing that its conference call reporting fourth quarter and full-year 2012 results would be held on Friday, March 15, 2013 beginning at 10:00 a.m. Central Standard Time. | |
• | Increased Permian production by 67% and Permian proved reserves by 24% over 2011. |
• | Replaced 222% of its total 2012 production from additions of Permian reserves. |
• | Continued strong performance from its horizontal Wolfcamp B wells in Upton county, with average production of 390 Boe per day per well over the first five months of production, excluding downtime. |
• | Significant improvement in drilling efficiency for long-lateral horizontal wells, completing the drilling of its last three horizontal Wolfcamp wells in an average 21 days. |
• | Revenue of $28.7 million from daily production of 4,457 barrels of oil equivalent (“Boe”) of production, or $69.94 per Boe produced. |
• | Fully diluted net loss of $(0.01) per share, which includes a $0.3 million charge related to a non-cash, mark-to-market of the Company’s derivative positions and a $1.2 million impairment related to acquired assets. |
• | Discretionary cash flow, a non-GAAP financial measure, of $0.42 per diluted share. See “Non-GAAP Financial Measures” discussed and reconciled below. |
MBoe | |||
Total proved reserves at December 31, 2011 | 15,928 | ||
Less Habanero reserves | (1,372 | ) | |
Adjusted proved reserves at December 31, 2011 | 14,556 | ||
Purchase of reserves in place | 57 | ||
Extensions and discoveries | 3,194 | ||
Revisions of Haynesville natural gas reserves | (1,813 | ) | |
Revisions, other | (481 | ) | |
Production (excluding Habanero production) | (1,441 | ) | |
Total proved reserves at December 31, 2012 | 14,072 |
Southern Midland basin | $ | 70.3 | ||
Northern Midland basin | 21.4 | |||
Leasehold acquisitions and seismic | 37.2 | |||
Plugging and abandonment costs in the Gulf of Mexico | 2.3 | |||
Capitalized interest | 2.0 | |||
Capitalized general and administrative costs allocated directly to exploration and development projects | 13.3 | |||
Total capital expenditures | $ | 146.5 |
Property | Drilling | Completion | ||||||||||
Gross | Net | Gross | Net | |||||||||
Southern Midland basin vertical wells | 15 | 10.7 | 22 | 16.0 | ||||||||
Southern Midland basin horizontal wells | 3 | 2.8 | 2 | 2.0 | ||||||||
Total | 18 | 13.5 | 24 | 18.0 | ||||||||
Property | Drilling | Completion | ||||||||||
Gross | Net | Gross | Net | |||||||||
Northern Midland basin vertical wells | 1 | 0.8 | — | — | ||||||||
Northern Midland basin horizontal wells | 2 | 1.8 | 1 | 1.0 | ||||||||
Total | 3 | 2.6 | 1 | 1.0 |
Midland basin | $ | 97 | |
Gulf of Mexico | 10 | ||
Total projected operations budget | 107 | ||
Capitalized general and administrative costs | 14 | ||
Capitalized interest and other | 4 | ||
Total projected capital expenditures budget | $ | 125 |
• | Callon believes that the non-GAAP measure of discretionary cash flow is useful as an indicator of an oil and gas exploration and production Company’s ability to internally fund exploration and development activities and to service or incur additional debt. The Company also has included this information because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements which the Company may not control and may not relate to the period in which the operating activities occurred. |
• | Adjusted net income and adjusted net income per diluted share, which excludes (1) impairments, (2) unrealized (gain) loss on commodity derivatives, (3) loss (gain) on retirement of debt and (4) related income tax effect. The amounts included in the calculation of adjusted net income and adjusted net income per diluted share below were computed in accordance with GAAP. We believe adjusted net income and adjusted net income per diluted share are useful to investors because they provide readers with a more meaningful measure of our profitability before recording certain items whose timing or amount cannot be reasonably determined. |
• | PV-10 value is the present value of future net pre-tax cash flows attributable to estimated net proved reserves, discounted at 10% per annum. PV-10 value is computed on the same basis as standardized measure, a GAAP financial measure, but does not include a provision for future income taxes. We believe PV-10 value to be an important measure for evaluating the relative significance of our oil and gas properties, because it excludes income taxes which may vary materially among companies. PV-10 is not, however, a substitute for standardized measure. |
2012 | 2011 | $ Change | % Change | ||||||||||||
PV-10 Value | $ | 250,097 | $ | 309,890 | $ | (59,793 | ) | (19 | )% | ||||||
Future income taxes | (18,949 | ) | (39,533 | ) | 20,584 | 52 | % | ||||||||
Standardized measure | $ | 231,148 | $ | 270,357 | $ | (39,209 | ) | (15 | )% |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2012 | 2011 | Change | 2012 | 2011 | Change | ||||||||||||||||||
Discretionary cash flow | $ | 16,891 | $ | 21,313 | $ | (4,422 | ) | $ | 55,486 | $ | 78,309 | $ | (22,823 | ) | |||||||||
Net working capital changes and other changes | (6,986 | ) | (75 | ) | (6,911 | ) | (4,196 | ) | 858 | (5,054 | ) | ||||||||||||
Net cash flow provided by operating activities | $ | 9,905 | $ | 21,238 | $ | (11,333 | ) | $ | 51,290 | $ | 79,167 | $ | (27,877 | ) |
For the Three Months Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Net (loss) income available to common shares | $ | (435 | ) | $ | 73,951 | $ | 2,747 | $ | 106,396 | |||||||
Less: Unrealized derivative gains | 169 | — | (1,116 | ) | — | |||||||||||
Less: Gain on early redemption of debt | — | — | (888 | ) | (1,262 | ) | ||||||||||
Plus: Impairment (gain) related to acquired assets | 765 | (10 | ) | 765 | (3,277 | ) | ||||||||||
Adjusted net income | $ | 499 | $ | 73,941 | $ | 1,508 | $ | 101,857 | ||||||||
Adjusted net income fully diluted earnings per share | $ | 0.01 | $ | 1.85 | $ | 0.04 | $ | 2.64 |
Three Months Ended December 31, | ||||||||||||||
2012 | 2011 | Change | % Change | |||||||||||
Net production: | ||||||||||||||
Crude oil (MBbls) | 261 | 250 | 11 | 4 | % | |||||||||
Natural gas (MMcf) | 893 | 1,067 | (174 | ) | (16 | )% | ||||||||
Total production (MBoe) | 410 | 428 | (18 | ) | (4 | )% | ||||||||
Average daily production (Boe) | 4,457 | 4,652 | (195 | ) | (4 | )% | ||||||||
Average realized sales price: | ||||||||||||||
Crude oil (Bbl) | $ | 94.63 | $ | 105.96 | $ | (11.33 | ) | (11 | )% | |||||
Natural gas (Mcf) | 4.45 | 4.95 | (0.50 | ) | (10 | )% | ||||||||
Total (Boe) | 69.94 | 74.33 | (4.39 | ) | (6 | )% | ||||||||
Crude oil and natural gas revenues (in thousands): | ||||||||||||||
Crude oil revenue | $ | 24,701 | $ | 26,534 | $ | (1,833 | ) | (7 | )% | |||||
Natural gas revenue | 3,975 | 5,278 | (1,303 | ) | (25 | )% | ||||||||
Total | $ | 28,676 | $ | 31,812 | $ | (3,136 | ) | (10 | )% | |||||
Additional per Boe data: | ||||||||||||||
Sales price | $ | 69.94 | $ | 74.33 | $ | (4.39 | ) | (6 | )% | |||||
Lease operating expense | (14.85 | ) | (9.40 | ) | (5.45 | ) | (58 | )% | ||||||
Operating margin | $ | 55.09 | $ | 64.93 | $ | (9.84 | ) | (15 | )% | |||||
Other expenses per Boe: | ||||||||||||||
Depletion, depreciation and amortization | $ | 33.42 | $ | 30.28 | $ | 3.14 | 10 | % | ||||||
General and administrative (net of management fees) | 11.00 | 12.03 | (1.03 | ) | (9 | )% |
For the Year Ended December 31, | ||||||||||||||
2012 | 2011 | Change | % Change | |||||||||||
Net production: | ||||||||||||||
Crude oil (MBbls) | 977 | 996 | (19 | ) | (2 | )% | ||||||||
Natural gas (MMcf) | 3,588 | 5,081 | (1,493 | ) | (29 | )% | ||||||||
Total production (MBoe) | 1,575 | 1,843 | (268 | ) | (15 | )% | ||||||||
Average daily production (Boe/d) | 4,303 | 5,049 | (746 | ) | (15 | )% | ||||||||
Average realized sales price (a): | ||||||||||||||
Crude oil (Bbl) | $ | 98.86 | $ | 101.34 | $ | (2.48 | ) | (2 | )% | |||||
Natural gas (Mcf) | 3.94 | 5.25 | (1.31 | ) | (25 | )% | ||||||||
Total (Boe) | 70.31 | 69.26 | 1.05 | 2 | % | |||||||||
Crude oil and natural gas revenues (in thousands): | ||||||||||||||
Crude oil revenue | $ | 96,584 | $ | 100,962 | $ | (4,378 | ) | (4 | )% | |||||
Natural gas revenue | 14,149 | 26,682 | (12,533 | ) | (47 | )% | ||||||||
Total | $ | 110,733 | $ | 127,644 | $ | (16,911 | ) | (13 | )% | |||||
Additional per Boe data: | ||||||||||||||
Sales price | $ | 70.31 | $ | 69.26 | $ | 1.05 | 2 | % | ||||||
Lease operating expense | (16.86 | ) | (11.04 | ) | (5.82 | ) | (53 | )% | ||||||
Operating margin | $ | 53.45 | $ | 58.22 | $ | (4.77 | ) | (8 | )% | |||||
Other expenses per Boe: | ||||||||||||||
Depletion, depreciation and amortization | $ | 31.56 | $ | 26.42 | $ | 5.14 | 19 | % | ||||||
General and administrative (net of management fees) | 12.93 | 9.03 | 3.90 | 43 | % | |||||||||
(a) Below is a reconciliation of the average NYMEX price to the average realized sales price per Bbl of oil and price per Mcf of natural gas: | ||||||||||||||
Average NYMEX oil price ($/Bbl) | $ | 94.19 | $ | 95.14 | $ | (0.95 | ) | (1 | )% | |||||
Basis differential and quality adjustments | 3.97 | 7.58 | (3.61 | ) | (48 | )% | ||||||||
Transportation | (0.75 | ) | (1.00 | ) | 0.25 | 25 | % | |||||||
Hedging | 1.45 | (0.38 | ) | 1.83 | 482 | % | ||||||||
Average realized oil price ($/Bbl) | $ | 98.86 | $ | 101.34 | $ | (2.48 | ) | (2 | )% | |||||
Average NYMEX gas price ($/MMBtu) | $ | 2.82 | $ | 4.03 | $ | (1.21 | ) | (30 | )% | |||||
Basis differential and quality adjustments | 1.12 | 1.22 | (0.10 | ) | (8 | )% | ||||||||
Average realized gas price ($/Mcf) | $ | 3.94 | $ | 5.25 | $ | (1.31 | ) | (25 | )% | |||||
CALLON PETROLEUM COMPANY CONSOLIDATED BALANCE SHEETS (In thousands, except share data) | |||||||
December 31, | |||||||
2012 | 2011 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 1,139 | $ | 43,795 | |||
Accounts receivable | 15,608 | 15,181 | |||||
Fair market value of derivatives | 1,674 | 2,499 | |||||
Other current assets | 1,502 | 1,601 | |||||
Total current assets | 19,923 | 63,076 | |||||
Crude oil and natural gas properties, full-cost accounting method: | |||||||
Evaluated properties | 1,497,010 | 1,421,640 | |||||
Less accumulated depreciation, depletion and amortization | (1,296,265 | ) | (1,208,331 | ) | |||
Net oil and natural gas properties | 200,745 | 213,309 | |||||
Unevaluated properties excluded from amortization | 68,776 | 2,603 | |||||
Total oil and natural gas properties | 269,521 | 215,912 | |||||
Other property and equipment, net | 10,058 | 10,512 | |||||
Restricted investments | 3,798 | 3,790 | |||||
Investment in Medusa Spar LLC | 8,568 | 9,956 | |||||
Deferred tax asset | 64,383 | 65,743 | |||||
Other assets, net | 1,922 | 718 | |||||
Total assets | $ | 378,173 | $ | 369,707 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued liabilities | $ | 36,016 | $ | 26,057 | |||
Asset retirement obligations | 2,336 | 1,260 | |||||
Fair market value of derivatives | 125 | — | |||||
Total current liabilities | 38,477 | 27,317 | |||||
13% Senior Notes: | |||||||
Principal outstanding | 96,961 | 106,961 | |||||
Deferred credit, net of accumulated amortization of $17,800 and $13,123, respectively | 13,707 | 18,384 | |||||
Total 13% Senior Notes | 110,668 | 125,345 | |||||
Senior secured revolving credit facility | 10,000 | — | |||||
Asset retirement obligations | 10,965 | 12,678 | |||||
Other long-term liabilities | 2,092 | 3,165 | |||||
Total liabilities | 172,202 | 168,505 | |||||
Stockholders' equity: | |||||||
Preferred Stock, $.01 par value, 2,500,000 shares authorized; | — | — | |||||
Common Stock, $.01 par value, 60,000,000 shares authorized; 39,800,548 and 39,398,416 shares outstanding at December 31, 2012 and 2011, respectively | 398 | 394 | |||||
Capital in excess of par value | 328,116 | 324,474 | |||||
Other comprehensive income | — | 1,624 | |||||
Retained deficit | (122,543 | ) | (125,290 | ) | |||
Total stockholders' equity | 205,971 | 201,202 | |||||
Total liabilities and stockholders' equity | $ | 378,173 | $ | 369,707 | |||
CALLON PETROLEUM COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) | |||||||
For the year ended December 31, | |||||||
2012 | 2011 | ||||||
Operating revenues: | |||||||
Crude oil sales | $ | 96,584 | $ | 100,962 | |||
Natural gas sales | 14,149 | 26,682 | |||||
Total operating revenues | 110,733 | 127,644 | |||||
Operating expenses: | |||||||
Lease operating expenses | 26,554 | 20,347 | |||||
Depreciation, depletion and amortization | 49,701 | 48,701 | |||||
General and administrative | 20,358 | 16,636 | |||||
Accretion expense | 2,253 | 2,338 | |||||
Impairment of other property and equipment | 1,177 | — | |||||
Total operating expenses | 100,043 | 88,022 | |||||
Income from operations | 10,690 | 39,622 | |||||
Other (income) expenses: | |||||||
Interest expense | 9,108 | 11,717 | |||||
Gain on early extinguishment of debt | (1,366 | ) | (1,942 | ) | |||
Gain on acquired assets | — | (5,041 | ) | ||||
Gain on derivative contracts | (1,717 | ) | — | ||||
Other income, net | (79 | ) | (1,426 | ) | |||
Total other expenses, net | 5,946 | 3,308 | |||||
Income before income taxes | 4,744 | 36,314 | |||||
Income tax expense (benefit) | 2,223 | (69,283 | ) | ||||
Income before equity in earnings of Medusa Spar LLC | 2,521 | 105,597 | |||||
Equity in earnings of Medusa Spar LLC | 226 | 799 | |||||
Net income available to common shares | $ | 2,747 | $ | 106,396 | |||
Net income per common share: | |||||||
Basic | $ | 0.07 | $ | 2.81 | |||
Diluted | $ | 0.07 | $ | 2.76 | |||
Shares used in computing net income per common share: | |||||||
Basic | 39,522 | 37,908 | |||||
Diluted | 40,337 | 38,582 |
CALLON PETROLEUM COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||
For the year ended December 31, | |||||||
2012 | 2011 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 2,747 | $ | 106,396 | |||
Adjustments to reconcile net income to | |||||||
cash provided by operating activities: | |||||||
Depreciation, depletion and amortization | 51,043 | 49,753 | |||||
Accretion expense | 2,253 | 2,338 | |||||
Amortization of non-cash debt related items | 402 | 461 | |||||
Amortization of deferred credit | (3,086 | ) | (3,155 | ) | |||
Equity in earnings of Medusa Spar LLC | (226 | ) | (799 | ) | |||
Deferred income tax expense | 2,223 | 10,928 | |||||
Valuation allowance | — | (80,211 | ) | ||||
Unrealized gain on derivative contracts | (1,683 | ) | — | ||||
Impairment of other property and equipment | 1,176 | — | |||||
Gain on acquired assets | — | (4,995 | ) | ||||
Non-cash gain for early debt extinguishment | (1,366 | ) | (1,942 | ) | |||
Non-cash expense related to equity share-based awards | 1,697 | 1,337 | |||||
Change in the fair value of liability share-based awards | 1,620 | 761 | |||||
Payments to settle asset retirement obligations | (1,314 | ) | (2,563 | ) | |||
Changes in current assets and liabilities: | |||||||
Accounts receivable | (883 | ) | (3,734 | ) | |||
Other current assets | 100 | 180 | |||||
Current liabilities | 1,753 | 4,695 | |||||
Payments to settle vested liability share-based awards | (3,383 | ) | — | ||||
Change in natural gas balancing receivable | 51 | 252 | |||||
Change in natural gas balancing payable | (102 | ) | (115 | ) | |||
Change in other long-term liabilities | 205 | 100 | |||||
Change in other assets, net | (1,937 | ) | (520 | ) | |||
Cash provided by operating activities | $ | 51,290 | $ | 79,167 | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (133,299 | ) | (100,243 | ) | |||
Acquisitions | (2,075 | ) | — | ||||
Proceeds from sale of mineral interests and equipment | 39,936 | 7,615 | |||||
Investment in restricted assets related to plugging and abandonment | — | (150 | ) | ||||
Distribution from Medusa Spar LLC | 1,735 | 1,267 | |||||
Cash used in investing activities | $ | (93,703 | ) | $ | (91,511 | ) | |
Cash flows from financing activities: | |||||||
Borrowings on senior secured revolving credit facility | 53,000 | — | |||||
Payments on senior secured revolving credit facility | (43,000 | ) | — | ||||
Redemption of 13% senior notes | (10,225 | ) | (35,062 | ) | |||
Issuance of common stock | — | 73,765 | |||||
Taxes paid related to exercise of employee stock options | (18 | ) | — | ||||
Cash (used in) provided by financing activities | $ | (243 | ) | $ | 38,703 | ||
Net change in cash and cash equivalents | (42,656 | ) | 26,359 | ||||
Cash and cash equivalents: | |||||||
Balance, beginning of period | 43,795 | 17,436 | |||||
Balance, end of period | $ | 1,139 | $ | 43,795 |
First Quarter and Full Year 2013 | |||
Guidance Estimates | |||
($ amounts in millions, except per production unit amounts) | |||
Guidance for | Guidance for | ||
1st Quarter 2013 | Full Year 2013 | ||
Total production (Boe/d) | 3,400 - 3,600 | 3,800 - 4,200 | |
Permian (Boe/d) | 1,500 - 1,650 | 2,000 - 2,300 | |
% Oil | 65% | 65% | |
Lease operating expenses | $4 - $6 | $22 - $24 | |
Severance tax | $1 | $3 - $4 | |
General and administrative expenses: | |||
Cash | $4 - $5 | $14 - $16 | |
Non-cash | $1 | $4 - $6 | |
Interest expense: | |||
Cash | $3 | $9 - $12 | |
Non-cash | $(1) | $(2) - $(3) | |
DD&A - per Boe | $36.00 - $37.00 | $35.00 - $38.00 | |
Accretion expense | $1 | $2 - $3 | |
Crude Oil | 1Q - 2013 | 2Q - 2013 | 3Q - 2013 | 4Q - 2013 | |||||||||||||
Collars | Volume (Mbo) | 40 | — | — | — | ||||||||||||
Ceiling | $ | 116.00 | $ | — | $ | — | $ | — | |||||||||
Floor | $ | 90.00 | $ | — | $ | — | $ | — | |||||||||
Swap | Volume (Mbo) | 80 | 120 | 120 | 120 | ||||||||||||
Price | $ | 101.30 | $ | 101.30 | $ | 101.30 | $ | 101.30 | |||||||||
1Q - 2014 | 2Q - 2014 | 3Q - 2014 | 4Q - 2014 | ||||||||||||||
Swap | Volume (Mbo) | 90 | 91 | 92 | 92 | ||||||||||||
Price | $ | 93.35 | $ | 93.35 | $ | 93.35 | $ | 93.35 | |||||||||
Put Option | Volume (Mbo) | 90 | 91 | 92 | 92 | ||||||||||||
Price | $ | 70.00 | $ | 70.00 | $ | 70.00 | $ | 70.00 | |||||||||
Natural Gas | 1Q - 2013 | 2Q - 2013 | 3Q - 2013 | 4Q - 2013 | |||||||||||||
Swap | Volume (Bbtu) | 270 | 273 | 276 | 276 | ||||||||||||
Price | $ | 3.52 | $ | 3.52 | $ | 3.52 | $ | 3.52 | |||||||||
Put Option | Volume (Bbtu) | 270 | 273 | 276 | 276 | ||||||||||||
Price | $ | 3.00 | $ | 3.00 | $ | 3.00 | $ | 3.00 | |||||||||
1Q - 2014 | 2Q - 2014 | 3Q - 2014 | 4Q - 2014 | ||||||||||||||
Call Option | Volume (Bbtu) | 113 | 114 | 115 | 115 | ||||||||||||
Price | $ | 4.75 | $ | 4.75 | $ | 4.75 | $ | 4.75 |
• | general economic and industry conditions; |
• | volatility of oil and natural gas prices; |
• | uncertainty of estimates of oil and natural gas reserves; |
• | impact of competition; |
• | availability and cost of seismic, drilling and other equipment; |
• | operating hazards inherent in the exploration for and production of oil and natural gas; |
• | difficulties encountered during the exploration for and production of oil and natural gas; |
• | difficulties encountered in delivering oil and natural gas to commercial markets; |
• | changes in customer demand and producers’ supply; |
• | uncertainty of our ability to attract capital; |
• | compliance with, or the effect of changes in, the extensive governmental regulations regarding the oil and natural gas business; |
• | actions of operators of our oil and gas properties; |
• | weather conditions; and |
• | the risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to those in our Annual Report for the year ended December 31, 2012 on Form 10-K. |
Date/Time: | Friday, March 15, 2013, at 10:00 a.m. Central Time (11:00 a.m. Easter Time) |
Webcast: | Live webcast will be available at www.callon.com in the "Investors" section of the website |
Call-in Number: | 1-877-317-6789 (Toll-free) |
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