Good morning, everyone ladies and gentlemen. Welcome to the Baytex Energy Corporation 2015 Third Quarter Results Conference Call. Please be advised that this call is being recorded. I would like to turn the meeting over to Mr. Brian Ector, Senior Vice President, Capital Markets and Public Affairs. Please go ahead, sir.

Thank you, John. Good morning, ladies and gentlemen and thank you for joining us today to discuss our third quarter 2015 financial and operating results. With me today are Jim Bowzer, our President and Chief Executive Officer; Rod Gray, our Chief Financial Officer; and Rick Ramsay, our Chief Operating Officer. While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I refer you to our advisories regarding forward-looking statements, oil and gas information and non-GAAP financial measures contained in today’s press release. All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. And I would now like to turn the call over to Jim.

Thanks, Brian and good morning everyone. Welcome to our third quarter conference call. Today, I am going to discuss our results for the quarter and how we continue to position our company to withstand the low commodity price environment. We remain focused on prudently managing our operations to maintain strong levels of financial liquidity. We are seeing the results of our cost reduction initiatives, which are occurring across all of our operations, including drilling and completions, production and operating expenses and G&A. Operationally, we continue to execute our capital program as planned. Production averaged approximately 82,200 BOEs per day in the third quarter, down 3% from the second quarter, which is largely attributable to reduced activity levels in Canada. Capital expenditures for exploration and development activities totaled $127 million and we participated in the drilling of 29.5 net wells. With the previously announced reduction in exploration and development activities in Canada, we anticipate our full year capital expenditures will be toward the lower end of our guidance of $500 million to $575 million. Similarly, we anticipate our full year 2015 production will be towards the lower end of our guidance of 84,000 to 86,000 BOEs per day. During the quarter, we generated funds from operations of $105 million, or $0.51 per share. Our operating netback was $15.57 per BOE or $18.90 per BOE, including derivative gains. Our Canadian operations generated an operating netback of $10.68 per BOE, while the Eagle Ford generated an operating netback of $21 per BOE. A couple of points I would like to highlight regarding our netbacks this quarter. Our Eagle Ford assets are located in South Texas and are very close to the Gulf Coast crude oil markets with established transportation systems, resulting in stronger realized pricing. Our light oil and condensate production in the…

Thank you. We will now take questions from the telephone lines. [Operator Instructions] We have a question from Jarrett Hasson [ph] from Hawk Capital. Please go ahead.

Good morning.

Good morning.

I just have a quick question on your debt situation, I know you might see sort of extended open maturities on the debt, which obviously creates comfort and you have done some nice steps in the last couple of months on management of cash, just on top of that, just curious if you guys had any sort of thoughts or strategy with respect to the asset sales that was on the table for you right now or just given your position where you can hold off for now?

At this point in time, we don’t have anything that we are actively marketing, Jarrett. And we typically don’t talk about speculation on any acquisitions or dispositions anyway. But that’s kind of where we stand today.

Okay, thank you.

Thank you.

The following question is from Dan Kecskes from Global Credit Advisers. Please go ahead.

Hey, good morning. With regards to your total leverage going into next year, do you foresee a situation where you might be closer to the covenant under the revolving credit facility?

At this point Dan, we think we are going to end the year at right around approximately three times debt to EBITDA. And we have got relief all the way through ‘16 to four and half by the end of ‘16. So at this stage, it doesn’t appear too, that it really depends on oil prices as we go through the year and if we see some sort of improvement. But at this stage, we don’t anticipate an issue during ‘16.

Is there a certain oil and gas price point that would cause more concern for you?

If we get into sub-40s that would cause a concern around the existing covenant status that we are at today. But if we can say in this 45 to 50 range or even higher as we move through the year, we don’t anticipate an issue with that.

Okay, thank you.

Thank you, Dan.

Thank you. We have no further questions registered. I would like to turn the meeting back over to Mr. Brian Ector. Please go ahead.

Alright. Thanks John. And thanks to everyone for participating in our third quarter conference call. Have a great day.