PostRock Energy Corporation announced consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported total revenue of $21,592,000 compared to $23,451,000 a year ago. Operating loss was $2,868,000 compared to operating income of $12,173,000 a year ago. Income before income taxes was $9,353,000 compared to $9,609,000 a year ago. Net income available to common stock was $6,882,000 or $0.69 per diluted share compared to $7,511,000 or $0.66 per diluted share a year ago. Net income attributable to controlling interest was $9,353,000 compared to $9,609,000 a year ago. EBITDA was $19,307,000 compared to $20,522,000 a year ago. Adjusted EBITDA was $16,743,000 compared to $17,225,000 a year ago. Excluding the impact of nonrecurring items, unrealized hedging gains and stock-based compensation, net income available to common shareholders for the quarter would have been $4.3 million or $0.43 per diluted share, versus $4.2 million or $0.37 per diluted share in the prior year quarter. For the year, the company reported total revenue of $96,309,000 compared to $103,912,000 a year ago. Operating loss was $1,939,000 compared to operating income of $16,433,000 a year ago. Income before income taxes was $20,030,000 compared to $66,957,000 a year ago. Net income available to common stock was $10,671,000 compared to $54,692,000 a year ago. Diluted net income per common share was $0.71. Net income attributable to controlling interest was $20,030,000 compared to $56,999,000 a year ago. Cash flows from operating activities were $42,708,000 compared to $29,558,000 a year ago. Purchase of equipment, development, leasehold and pipeline was $29,338,000 compared to $25,858,000 a year ago. EBITDA was $58,399,000 compared to $115,277,000 a year ago. Adjusted EBITDA was $62,462,000 compared to $60,208,000 a year ago. The decline in revenues reflected reduced volumes and lower gas prices. At December 31, 2011, the company had $193 million in total debt, $300,000 cash resulting in $192.7 million in net debt. This amount was comprised of $100 million drawn -- $190 million drawn on its $200 million revolving credit facility, $3 million outstanding on its pipeline term loan. During 2011, the company reduced its net debt position $26.8 million. Excluding the impact of nonrecurring items, unrealized hedging gains and stock-based compensation, net income available to common shareholders for the year would have been $14.7 million or $0.98 per diluted share. In the first quarter of 2012, crude oil hedges covering 260 MBbls of oil production through 2016 were entered into. The new swaps cover an additional 67 Bbls a day at $104.00 a Bbl starting in March 2012. The swaps cover 181 Bbls a day at $101.70 a Bbl in 2013, 169 Bbls a day at $97.00 a Bbl in 2014, 159 Bbls a day at $93.40 a Bbl in 2015 and 148 Bbls a day at $91.10 a Bbl in 2016. For 2012, the company has budgeted $22.4 million of capital spending. Of this amount, $12.1 million will pay for the drilling and completion of 34 new wells in the Cherokee Basin, 36 recompletions in Appalachia and 8 recompletions and 5 wells in central Oklahoma. In addition, $9.6 million has been budgeted for leasehold acquisition, land, infrastructure and equipment purchases and approximately $764,000 for the KPC Pipeline. These capital expenditures are expected to be funded with internal cash flow.