|By Marketwired .||
|February 12, 2013 05:54 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 02/12/13 -- Tourmaline Oil Corp. (TSX:TOU) ("Tourmaline" or the "Company") is pleased to provide the following operations and financial update and highlights from its year-end 2012 independent reserve evaluation.
-- Total year-end 2012 Proved plus Probable (2P) reserves of 438.0 mmboe after only four full years of operation. -- Total 2P reserve additions of 186.6 mmboe in 2012, representing 69% growth over 2011 total 2P reserves before 2012 production (54% per share). Similarly, proved reserves grew by 80% in 2012 over 2011 (63% per share). -- Year-end 2012 2P reserve value of $4.3 billion (10% discount, before tax), representing 61% growth over year-end 2011 2P reserve value, despite a difficult gas price environment during the year and lower overall natural gas prices utilized in the 2012 independent report. (Net Present Value increase in 2012 of $1.65 billion.) -- 2012 2P finding, development and acquisition costs (FD&A) of $10.35/boe including future development capital (FDC) and $5.80/boe excluding FDC, down from $13.34/boe in 2011 (including changes in FDC). 2012 total proved FD&A costs were $14.06/boe (including FDC), down from $19.71/boe in 2011. -- Year-end 2012 proved developed producing (PDP) reserves of 92.0 mmboe and 11.1 mmboe proved developed non-producing (PDNP) reserves. The majority of the non-producing reserves will come on-stream during Q2 2013 via the ongoing new facility projects at Sunrise-Dawson, B.C., and Spirit River, Alberta. First quarter 2013 drilling and tie-ins are expected to add a further 13.0 mmboe of PDP reserves during the quarter. -- 2012 Recycle Ratio of 2.25 based on 2012 2P finding, development and acquisition costs (FD&A) of $10.35 per boe (including FDC) and 2013 forecast funds from operations per boe of $23.26.
-- Tourmaline exceeded its year-end 2012 exit production guidance of 70,000 boepd, and expects to reach the 75,000 boepd production level, on a sustained basis, in March 2013. -- Current full year 2013 average production guidance is 75,000 boepd, representing approximately 50% growth over average 2012 production of 50,803 boepd. -- The Company will bring approximately 13,000 boepd of currently shut-in production on-stream in mid-May via a new gas plant in Dawson/Doe, B.C. and an expanded facility at Spirit River. -- The Company also has an additional 21 wells to tie-in and bring on- stream during the first quarter, throughout the operated EP portfolio.
-- Tourmaline is currently operating 11 drilling rigs, with eight rigs in the Deep Basin, two rigs at Spirit River, and one rig in NEBC. A total of 28-30 new wells are planned for the first quarter of 2013. -- Seven of the eight Deep Basin rigs are drilling horizontal wells and 2013 will be the first year in which the Company will realize the benefit of Deep Basin horizontal drilling for the full year. -- The most recent Wilrich horizontal at Horse in the Deep Basin tested at a final test rate of 26.1 mmcfpd @ 18.7 MPa at the conclusion of a three-day test period. -- The most recent Spirit River pool expansion horizontal has averaged 836 bopd and 2.7 mmcfpd of gas during the first seven days of production.
-- Fourth quarter 2012 production averaged 57,229 boepd, a 51% increase over the fourth quarter 2011 average production rate of 37,912 boepd. -- Full year 2012 average production of 50,803 boepd represents a 64% increase over the 2011 full year average production rate of 31,007 boepd. -- Funds from operations were $93.8 million for the fourth quarter of 2012, a 28% increase over the fourth quarter of 2011. -- Operating expenses for the fourth quarter of 2012 continued to be strong at $4.10/boe resulting in full-year 2012 operating expenses of $4.43/boe, a 21% decrease compared to 2011 operating expenses of $5.58/boe. -- Fourth quarter capital spending on E&P activities was $214.4 million and was $606.7 million including corporate and property acquisitions. -- The Company estimates net debt as at December 31, 2012 to be approximately $464.3 million. -- The sale of the Company's Elmworth assets for a net $77.5 million remains on schedule to close in March of 2013. The Company has reclassified approximately $33.0 million out of PP&E into current assets as an asset held for sale in its December 31, 2012 financial statements. Summary of Oil and Gas Reserves And Net Present Values of Future Net Revenue As of December 31, 2012 FORECAST PRICES AND COSTS Light and Medium Oil Natural Gas Company Company Reserves Category Gross Company Net Gross Company Net (Mbbls) (Mbbls) (MMcf) (MMcf) ---------------------------------------------------------------------------- Proved Developed Producing 2,471 1,883 493,761 441,894 Proved Developed Non- 284 230 59,097 53,364 Producing Proved Undeveloped 5,460 3,959 764,973 692,431 Total Proved Reserves 8,215 6,072 1,317,831 1,187,689 Total Probable Reserves 5,438 3,645 1,001,968 897,661 Total Proved Plus Probable Reserves 13,653 9,717 2,319,800 2,085,351 Summary of Oil and Gas Reserves And Net Present Values of Future Net Revenue As of December 31, 2012 FORECAST PRICES AND COSTS Natural Gas Liquids Total Oil Equivalent Company Company Reserves Category Gross Company Net Gross Company Net (Mbbls) (Mbbls) (Mbbls) (Mbbls) ---------------------------------------------------------------------------- Proved Developed Producing 7,069 5,275 91,834 80,807 Proved Developed Non- 942 758 11,075 9,882 Producing Proved Undeveloped 13,213 10,839 146,168 130,204 Total Proved Reserves 21,224 16,873 249,077 220,893 Total Probable Reserves 16,359 12,674 188,791 165,930 Total Proved Plus Probable Reserves 37,583 29,547 437,869 386,823
Company Gross reserves are defined as the working interest share of reserves prior to the deduction of interest owned by others (burdens). Royalty interest reserves are not included in Company Gross reserves. Company Net reserves are defined as the working, net carried, and royalty interest reserves after deduction of all applicable burdens.
Net Present Values of Future Net Revenue ($000s) Before Future Income Taxes Discounted At (%/year) Reserves Category 0% 5% 10% 15% 20% ---------------------------------------------------------------------------- Proved Developed 2,157,237 1,645,088 1,345,345 1,149,531 1,011,424 Producing Proved Developed Non- 221,357 159,087 123,079 99,927 83,875 Producing Proved Undeveloped 2,932,739 1,859,824 1,274,990 916,871 679,486 Total Proved Reserves 5,311,333 3,663,999 2,743,414 2,166,329 1,774,785 Total Probable 4,821,401 2,554,200 1,603,176 1,108,636 814,048 Reserves Total Proved Plus Probable Reserves 10,132,734 6,218,200 4,346,591 3,274,965 2,588,833 Unit Value Before Income Tax Discounted at 10%/year Reserves Category ($/boe) ($/Mcfe) ---------------------------------------------------------------------------- Proved Developed Producing 16.65 2.77 Proved Developed Non- Producing 12.45 2.08 Proved Undeveloped 9.79 1.63 Total Proved Reserves 12.42 2.07 Total Probable Reserves 9.66 1.61 Total Proved Plus Probable Reserves 11.24 1.87 Net Present Values of Future Net Revenue ($000s) After Future Income Taxes Discounted at (%/year) Reserves Category 0% 5% 10% 15% 20% ---------------------------------------------------------------------------- Proved Developed 2,157,237 1,645,088 1,345,345 1,149,531 1,011,424 Producing Proved Developed Non- 221,357 159,087 123,079 99,927 83,875 Producing Proved Undeveloped 2,261,576 1,454,876 1,006,092 726,165 537,705 Total Proved Reserves 4,640,170 3,259,052 2,474,516 1,975,623 1,633,004 Total Probable 3,626,397 1,900,330 1,174,496 797,654 574,341 Reserves Total Proved Plus Probable Reserves 8,266,568 5,159,382 3,649,012 2,773,277 2,207,346 Total Future Net Revenue ($000s) (Undiscounted) As of December 31, 2012 Forecast Prices and Costs Operating Development Reserves Category Revenue Royalties Costs Costs ---------------------------------------------------------------------------- Proved Developed Producing 3,373,504 419,421 746,938 7,240 Total Proved Reserves 9,672,694 1,186,484 1,705,904 1,401,952 Total Proved Plus Probable Reserves 18,031,808 2,290,274 3,126,844 2,388,333 Total Future Net Revenue ($000s) (Undiscounted) As of December 31, 2012 Forecast Prices and Costs Future Net Revenue Abandonment Before Future Net and Deducting Revenue After Reclamation Future Future Future Reserves Category Costs Income Taxes Income Taxes Income Taxes ---------------------------------------------------------------------------- Proved Developed Producing 42,669 2,157,237 - 2,157,237 Total Proved Reserves 67,021 5,311,333 671,163 4,640,170 Total Proved Plus Probable Reserves 93,624 10,132,734 1,866,166 8,266,568 Crude Oil & Natural Gas Liquids Price Forecast As of January 1, 2013 Bank of Canada Edmonton Par Avg. Noon WTI Cushing Price 40 Year Inflation Exchange Rate Oklahoma degrees API ---------------------------------------------------------------------------- % $US/$Cdn $US/bbl $Cdn/bbl 2013 Full Year 2.00 1.000 90.00 85.00 2014 2.00 1.000 92.50 91.50 2015 2.00 1.000 95.00 94.00 2016 2.00 1.000 97.50 96.50 2017 2.00 1.000 97.50 96.50 2018 2.00 1.000 97.50 96.50 2019 2.00 1.000 98.54 97.54 2020 2.00 1.000 100.51 99.51 2021 2.00 1.000 102.52 101.52 2022 2.00 1.000 104.57 103.57 2023+ 2.00 1.000 +2.0%/yr +2.0%/yr Crude Oil & Natural Gas Liquids Price Forecast As of January 1, 2013 Alberta Natural Gas Liquids ----------------------------------------------------- Edmonton Pentanes Year Edmonton Propane Edmonton Butane Plus ---------------------------------------------------------------------------- $Cdn/bbl $Cdn/bbl $Cdn/bbl 2013 Full Year 34.06 65.45 96.63 2014 45.75 70.46 97.91 2015 56.40 72.38 97.76 2016 57.90 74.31 100.36 2017 57.90 74.31 100.36 2018 57.90 74.31 100.36 2019 58.52 75.11 101.44 2020 59.71 76.62 103.49 2021 60.91 78.17 105.58 2022 62.14 79.75 107.71 2023+ +2.0%/yr +2.0%/yr +2.0%/yr Natural Gas Price Forecast As of January 1, 2013 AECO/NIT Year Nymex Midwest @Chicago Spot Sumas Spot ---------------------------------------------------------------------------- $US/MMbtu $US/MMbtu $Cdn/MMbtu $US/MMbtu 2013 Full Year 3.75 3.85 3.38 3.60 2014 4.25 4.35 3.83 4.10 2015 4.75 4.85 4.28 4.60 2016 5.25 5.35 4.72 5.10 2017 5.50 5.60 4.95 5.35 2018 5.80 5.90 5.22 5.65 2019 5.91 6.01 5.32 5.76 2020 6.03 6.13 5.43 5.88 2021 6.15 6.25 5.54 6.00 2022 6.27 6.37 5.64 6.12 2023+ +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr FD&A Including FD&A Excluding F&D Including F&D Excluding Changes in FDC Changes in FDC Changes in FDC Changes in FDC 2012 $/boe $/boe $/boe $/boe ---------------------------------------------------------------------------- Proved $14.06 $9.11 $12.61 $8.21 Proved Plus Probable $10.35 $5.80 $8.87 $5.29 FD&A Including FD&A Excluding F&D Including F&D Excluding Changes in FDC Changes in FDC Changes in FDC Changes in FDC 2011 $/boe $/boe $/boe $/boe ---------------------------------------------------------------------------- Proved $19.71 $16.67 $18.42 $16.69 Proved Plus Probable $13.34 $9.12 $12.01 $8.22 2010-2012 FD&A Including FD&A Excluding F&D Including F&D Excluding Weighted Changes in FDC Changes in FDC Changes in FDC Changes in FDC Average $/boe $/boe $/boe $/boe ---------------------------------------------------------------------------- Proved $18.41 $12.82 $17.03 $11.91 Proved Plus Probable $13.50 $7.74 $12.30 $7.27
All amounts in this news release are stated in Canadian dollars unless otherwise specified.
The reserves data set forth above is based upon the reports of GLJ Petroleum Consultants Ltd. ("GLJ") and AJM Deloitte, each dated effective December 31, 2012, which have been consolidated into one report by GLJ and adjusted to apply certain of GLJ's assumptions and methodologies and pricing and cost assumptions. The complete GLJ January 1, 2013 price forecast used in the reserve evaluations is available on its website at www.gljpc.com. The consolidated report includes 100% of the reserves and future net revenue attributable to the properties of Exshaw Oil Corp, a subsidiary of the Company, without reduction to reflect the 9.4% third-party minority interest in Exshaw.
There are numerous uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable crude oil, natural gas and NGL reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable crude oil, NGL and natural gas reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company's actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material.
All evaluations and reviews of future net revenue are stated prior to any provisions for interest costs or general and administrative costs and after the deduction of estimated future capital expenditures for wells to which reserves have been assigned. The after-tax net present value of the Company's oil and gas properties reflects the tax burden on the properties on a stand-alone basis and utilizes the Company's tax pools. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the after-tax value of the Company, which may be significantly different. The Company's financial statements and the management's discussion and analysis should be consulted for information at the level of the Company.
The estimated values of future net revenue disclosed in this press release do not represent fair market value. There is no assurance that the forecast prices and cost assumptions used in the reserve evaluations will be attained and variances could be material.
The reserve data provided in this news release presents only a portion of the disclosure required under National Instrument 51-101. All of the required information will be contained in the Company's Annual Information Form for the year ended December 31, 2012, which will be filed on SEDAR (accessible at www.sedar.com) on or before March 31, 2013.
Unaudited Financial Information
Certain financial and operating results included in this news release such as finding, development and acquisition costs, finding and development costs, recycle ratio, funds from operations, net debt, capital expenditures, assets held for sale, production information and operating costs are based on unaudited estimated results. These estimated results are subject to change upon completion of the audited financial statements for the year ended December 31, 2012, and changes could be material. Tourmaline anticipates filing its audited financial statements and related management's discussion and analysis for the year ended December 31, 2012 on SEDAR on or before March 31, 2013.
Per share reserve information is based on the total common shares outstanding, after accounting for outstanding Company options, at year end 2012 and 2011, respectively.
Non-IFRS Financial Measures
This press release includes references to financial measures commonly used in the oil and gas industry such as "funds from operations", "operating netback", "recycle ratio" and "net debt", which do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). Management believes that in addition to net income and cash flow from operating activities, these non-IFRS financial measures are useful supplemental measures in assessing Tourmaline's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Readers are cautioned, however, that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with IFRS as an indication of Tourmaline's performance. Tourmaline's method of calculating these measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. For these purposes, Tourmaline defines funds from operations as cash provided by operations before changes in non-cash operating working capital, defines operating netback as revenue (excluding processing income) less royalties, transportation costs and operating expenses, defines recycle ratio as estimated 2013 funds from operations per boe divided by 2012 FD&A (including FDC) per boe, and defines net debt as long-term bank debt plus working capital (adjusted for the fair value of financial instruments).
In this press release, production and reserves information may be presented on a "barrel of oil equivalent" or "BOE" basis. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
F&D and FD&A Costs
In addition to F&D, the Company uses FD&A as a measure of the efficiency of its overall capital program including the effect of acquisitions and dispositions.
The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.
Production tests are not necessarily indicative of long-term performance or ultimate recovery.
This press release contains forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward looking information concerning Tourmaline's volumes and estimated value of oil and gas reserves and production volume estimates, future oil and natural gas prices, operating costs and production efficiencies as well as Tourmaline's future drilling and completion prospects and plans, including the number and type of wells to be drilled in core areas, business strategy, future development and growth opportunities, prospects and asset base. The forward-looking information is based on certain key expectations and assumptions made by Tourmaline, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; future well production rates and reserve volumes; the timing of receipt of regulatory approvals; the performance of existing wells and recently drilled and tested wells; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; and the availability and cost of labour and services. Undue reliance should not be placed on the forward-looking information because Tourmaline can give no assurances that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and currency exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.
Also included in this press release are estimates of Tourmaline's 2013 funds from operations per boe, which is based on Tourmaline's estimated 2013 funds from operations and average production of $636.7 million and 75,000 boepd, respectively. Tourmaline's estimated 2013 funds from operations is based on the various assumptions as to production levels, capital expenditures, and other assumptions disclosed in this press release and including commodity price assumptions for natural gas (AECO - $3.86/mcf) (2013), and crude oil (WTI (US) - $95.00/bbl) (2013) and an exchange rate assumption of $1.00 (US/CAD) for 2013. To the extent such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Tourmaline on February 12, 2013 and is included to provide readers with an understanding of Tourmaline's anticipated funds from operations based on the capital expenditure and other assumptions described herein and readers are cautioned that the information may not be appropriate for other purposes.
Additional information on these and other factors that could affect Tourmaline, or its operations or financial results, can be found in Tourmaline's most recent Annual Information Form and Annual and Quarterly Management's Discussion and Analysis on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or Tourmaline's website (www.tourmalineoil.com).
The forward-looking information contained in this press release is made as of the date hereof and Tourmaline undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.
boe barrel of oil equivalent boepd barrel of oil equivalent per day bopd barrel of oil, condensate or liquids per day mmboe millions of barrel of oil equivalent mbbls thousand barrels mmcf million cubic feet mmcfpd million cubic feet per day mcfe thousand cubic feet equivalent mmbtu million British thermal units
About Tourmaline Oil Corp.
Tourmaline is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin.
Tourmaline Oil Corp.
Chairman, President and Chief Executive Officer
Tourmaline Oil Corp.
Vice President, Finance and Chief Financial Officer
Tourmaline Oil Corp.
Secretary and General Counsel
Tourmaline Oil Corp.
Suite 3700, 250 - 6th Avenue S.W.
Calgary, Alberta T2P 3H7
(403) 266-5952 (FAX)
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The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,330
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
Sep. 26, 2014 06:15 PM EDT Reads: 1,698
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Sep. 26, 2014 06:00 PM EDT Reads: 1,622
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Sep. 26, 2014 05:00 PM EDT Reads: 1,618
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Sep. 26, 2014 10:00 AM EDT Reads: 2,105