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Press release from Marketwire
Freehold Royalties Ltd. Announces 2011 Fourth Quarter Results and Year-end Reserves
Wednesday, March 14, 2012
Freehold Royalties Ltd. Announces 2011 Fourth Quarter Results and Year-end Reserves16:49 EDT Wednesday, March 14, 2012CALGARY, ALBERTA--(Marketwire - March 14, 2012) - Freehold Royalties Ltd. (Freehold) (TSX:FRU) today announced fourth quarter results and year-end reserves for the period ended December 31, 2011. Results at a GlanceFINANCIAL HIGHLIGHTS($000s, except as noted)Three Months Ended December 31Twelve Months Ended December 3120112010Change20112010ChangeGross revenue45,30436,52524%157,910138,15514%Net income16,03311,38741%55,25949,34912%Per share, basic and diluted ($) (1)0.260.1937%0.920.858%Funds from operations (2)38,24528,21836%128,230106,97120%Per share ($) (1)0.630.4831%2.141.8317%Capital expenditures10,9104,664134%25,64918,05442%Property and royalty acquisitions (net)(195)283-169%7,46738,600-81%Dividends declared25,58524,7973%100,96898,1153%Per share ($) (1) (3)0.420.420%1.681.680%Proceeds from the DRIP (4)10,2326,84549%33,49025,69530%Long-term debt, period end48,00065,000-26%48,00065,000-26%Shareholders' equity, period end272,973281,395-3%272,973281,395-3%Shares outstanding, period end (000s)61,14159,1813%61,14159,1813%Average shares outstanding (000s) (5)60,81158,9723%60,02258,3343%OPERATING HIGHLIGHTSAverage daily production (boe/d) (6)7,7737,972-2%7,4767,615-2%Oil and NGL (bbls/d)5,0814,8106%4,6974,7040%Natural gas (Mcf/d)16,15018,972-15%16,67417,465-5%Average selling price ($/boe) (6)61.9048.8027%56.3148.7416%Oil and NGL ($/bbl)85.4467.8926%78.5365.4020%Natural gas ($/Mcf)2.913.29-12%3.133.64-14%Operating netback ($/boe) (2) (6)56.5644.5727%51.6544.0817%(1) Prior to conversion to a corporation on December 31, 2010, Freehold had trust units outstanding instead of shares. (2) See Non-GAAP Financial Measures. (3) Based on the number of shares issued and outstanding at each record date. (4) Dividends paid in shares pursuant to the dividend reinvestment plan (DRIP). (5) Weighted average number of shares outstanding during the period, basic. (6) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe). Availability on SEDAR Freehold's 2011 audited financial statements and accompanying Management's Discussion and Analysis (MD&A) and Annual Information Form (including reserves disclosure required under National Instrument NI 51-101) are being filed today with Canadian securities regulators and will be available at www.sedar.com and on our website at www.freeholdroyalties.com. March Dividend Announcement The Board of Directors has declared the March dividend of $0.14 per share, which will be paid on April 16, 2012 to shareholders of record on March 31, 2012. Including the April 16 payment, our 12-month trailing cash dividends total $1.68 per share. This dividend is designated as an eligible dividend for Canadian income tax purposes. Over the past 15 years, we have paid out over $1 billion in dividends to our shareholders.2011 Fourth Quarter Highlights Freehold's assets delivered strong results in the fourth quarter. Our 65% oil-weighted production continued to benefit from robust oil prices, while our diversified portfolio served to mitigate the impact of lower natural gas prices. Revenue, operating netback, and funds from operations were all substantially higher than the fourth quarter of 2010. Per share amounts reflect increased participation in our dividend reinvestment plan (DRIP). Participation in the DRIP averaged 40% in the fourth quarter (Q4 2010 - 28%), allowing us to conserve $10.2 million in dividend payments by issuing shares from treasury. Net income rose 41% in the fourth quarter, due to higher oil prices, despite an increase in deferred income tax as a result of converting from a trust structure to a corporation on December 31, 2010. Non-cash charges included in net income amounted to $22.3 million in the fourth quarter of 2011 (Q4 2010 - $16.9 million) and $75.7 million for the year (2010 - $59.6 million). The ratio of net debt to annual funds from operations was 0.4 times and net debt was approximately 15% of total capitalization at the end of 2011. Subsequent to year-end, Freehold completed a $49.6 million royalty acquisition and closed a $67.6 million equity financing. As a result, net debt to annual funds from operations is currently approximately 0.2 times and net debt is approximately 8% of total capitalization. Oil and natural gas liquids (NGL) production rose 6% in the fourth quarter, while natural gas production declined 15%. The fourth quarter benefitted from production additions of approximately 125 boe per day, mostly oil, from the royalty acquisition completed on September 30, 2011. Production in the fourth quarter of 2011 also included positive prior period adjustments of approximately 350 boe per day, mostly oil. The fourth quarter of 2010 included a number of prior period adjustments as well, that increased royalty interest natural gas volumes in the comparative period by approximately 2,700 Mcf (450 boe) per day. Due to the large number of wells in which we have royalty interests, the nature of royalty interests, the lag in receiving production receipts from the operators, and our audit program, our reported royalty volumes usually include adjustments (both positive and negative) for prior periods. While natural gas production accounted for 35% of production in the fourth quarter, it comprised only 10% of revenue. Royalty interests comprised 75% (2010 - 73%) of total volumes produced in 2011. FOURTH QUARTER PRODUCTION SUMMARYRoyalty InterestWorking InterestTotalThree months ended December 31201120102011201020112010Average daily productionOil (bbls/d)3,2622,9381,4611,5394,7234,477NGL (bbls/d)25224810685358333Natural gas (Mcf/d)13,19816,1222,9522,85016,15018,972Oil equivalent (boe/d)5,7145,8732,0592,0997,7737,972Industry DrillingAfter drilling delays and production downtime in the second and third quarters due to forest fires and flooding, industry drilling activity ramped up in the fourth quarter, with producers directing capital investment towards higher value oil and liquids prospects while curtailing natural gas development. This, along with the increasing complexity of horizontal wells and longer associated drilling times resulted in fewer wells being drilled: 4,621 wells versus 5,352 wells in the fourth quarter of 2010. Nearly three-quarters of these were oil wells, and horizontal drilling techniques continue to be employed to access tight reservoirs and other resource plays. A single horizontal well, completed with multiple fractures, can access as much reservoir as several vertical wells, potentially yielding more production and reserves per well.Royalty Interests On an equivalent net basis, drilling on our royalty lands increased 15% from the fourth quarter last year, and non-unitized drilling rose 29%. We rely largely on public databases to monitor activity levels on our royalty lands. Due to a delay in updating the Alberta public database for 2010, the unitized well count for the fourth quarter of 2010 includes a 'catch-up' for the first nine months of 2010. ROYALTY WELLS DRILLEDThree Months EndedTwelve Months EndedDecember 31December 3120112010Change20112010ChangeNon-unitized wellsGross1028323%30127410%Equivalent net (1)4.93.829%14.412.218%Unitized wells (2)Gross60337-82%322505-36%Equivalent net (1)0.40.8-50%1.31.030%TotalGross162420-61%623779-20%Equivalent net (1)5.34.615%15.713.219%(1) Equivalent net wells are the aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage. (2) Unitized wells are in production units wherein we generally have small royalty interests in hundreds of wells. The horizontal drilling trend continued, as nearly 60% of the wells drilled on our royalty lands in 2011 were horizontal compared to 37% in 2010. Continued success with horizontal drilling (for both oil and liquids-rich natural gas) on our royalty lands is positive and bodes well for improved well productivity.In 2011, 76% of the royalty wells drilled on our lands were oil wells, versus 51% in 2010. On an equivalent net basis, drilling for oil was up 79% from 2010, while natural gas drilling declined 43%. As at December 31, 2011, there were 106 (5.4 equivalent net) licensed drilling locations on our royalty lands, up on an equivalent net basis from 110 (3.2 equivalent net) at the same time last year. We view continued well licence activity as a positive indicator of the ongoing and future development potential on our royalty lands.Working InterestsIn the fourth quarter of 2011, capital expenditures related to development of working interest properties amounted to $10.9 million, bringing the total for the year to $25.6 million, or 20% of funds from operations. In the fourth quarter, we participated in the drilling of 10 (3.9 net) wells with a 100% success rate. The wells had little effect on production levels in the fourth quarter but will add to our production in 2012. In Saskatchewan, we drilled two (1.5 net) Bakken light oil wells, one (0.4 net) Frobisher light oil well, and one (0.03 net) Tilston oil well; all were horizontal wells. We also participated in one (0.1 net) vertical water injection well to support this activity. In Lloydminster, we participated in two (1.0 net) Lloydminster heavy oil wells and one (0.7 net) vertical Sparky heavy oil well. In Alberta, we participated in two (0.2 net) horizontal Cardium light oil wells. On a per boe basis, operating expense on working interest production rose 35% in the fourth quarter of 2011 and was 19% higher for the year. The increase was attributable to several factors, including higher Alberta power costs, prior period adjustments, higher costs and a declining production base at Hayter, and wet weather in Southeast Saskatchewan earlier in the year, which impeded access to surface leases.WORKING INTERESTThree Months Ended December 31Twelve Months Ended December 31WELLS DRILLED2011201020112010GrossNet (1)GrossNet (1)GrossNet (1)GrossNet (1)Oil93.892.92911.1309.1Natural gas----30.420.2Other10.1--20.1--Total103.992.93411.6329.3(1) Excludes royalty interest portion on properties where Freehold has both a working interest and a royalty interest. The royalty interest portion is included in equivalent net wells in the Royalty Wells Drilled table above. Guidance Update Overall, the outlook for crude oil is more favourable than for natural gas. West Texas Intermediate (WTI) crude oil prices averaged 10% higher than in the fourth quarter of 2010 and 20% higher for the year, but with continued volatility driven by global economic and political uncertainties. A transportation bottleneck out of North American inland markets (exacerbated by rising U.S. Bakken oil production and increasing oil sands volumes) has served to dislocate the WTI crude oil benchmark from other light oil benchmarks such as European Brent Crude, creating a significant price discount for WTI. In turn, this is serving to widen the discount for Canadian (Edmonton Par) light crude oil relative to WTI. However, it is anticipated that rail and pipeline projects will be commissioned within the next few years to link U.S. and Canadian oil production to U.S. Gulf Coast refining centres, where international prices prevail.The Canadian light/heavy oil price differential widened to an average of $17.93 per boe in 2011 from $10.27 per boe in 2010. The differential narrowed during the fourth quarter, but continues to rise and fall in response to domestic supply and demand factors. Historically, the benchmark Western Canada Select (WCS) heavy oil stream, with an average API gravity of 20.5 degrees, was considered a rough proxy for our average oil price. In 2011, our average oil price increased in relation to the benchmark WCS. Oil prices and differentials are expected to remain volatile in the short term, with both upside and downside risks.Natural gas, because it is less readily transported, is subject to supply and demand factors within North America. The benchmark AECO natural gas price declined 11% in 2011, and has declined further in 2012. The outlook for natural gas prices remains grim in the near term as North American production continues to grow, while demand remains soft due to a warmer than expected winter. However, the low price environment has prompted some natural gas producers to shut in production until prices improve, and we believe the supply/demand balance will gradually improve, aided by projects aimed at exporting liquefied natural gas (LNG) to Asian markets as early as 2015. The following table summarizes changes in our key operating assumptions during 2011 and our actual results for the year. Compared to our November guidance:Production came in 2% above guidance. Commodity prices surpassed our expectations, while the U.S. dollar was slightly stronger. Operating costs were slightly higher, while general and administrative costs were lower than expected. Capital expenditures were $4 million higher, as we were able to access surface leases and services in the fourth quarter more quickly than expected. Long-term debt at year end was $5 million higher as it included a $5 million deposit relating to the acquisition that closed on January 17, 2012. 2011 KEY OPERATING ASSUMPTIONSGuidance Updated2011 Actual ResultsNov. 9 2011Aug. 10 2011May 11 2011Mar. 2 2011Average daily productionboe/d7,4767,3007,3007,1007,100Average WTI oil priceUS$/bbl95.1094.0095.0090.0080.00Average exchange rateCdn$/US$1.011.031.031.000.95Average heavy oil price differential (1)Cdn$/bbl(17.93)(19.50)(19.00)(15.00)(13.00)Average AECO natural gas priceCdn$/Mcf3.673.653.653.654.25Average operating costs$/boe4.684.504.504.504.50Average general and administrative costs (2)$/boe2.583.003.503.503.50Capital expenditures$ millions2622222820Proceeds from DRIP$ millions3333282827Long-term debt at year end$ millions4843415050Cash taxes payable$ millions-----Weighted average shares outstandingmillions6060606060(1) The difference between the Edmonton Par and Western Canada Select crude oil streams. (2) Excludes share based and other compensation. 2012 Plans On January 17, 2012, we acquired royalty interests in over 250,000 gross acres of land for $49.6 million before closing adjustments. The acquisition was funded through our existing bank line of credit. Royalty production from the acquisition for the remainder of 2012 is anticipated to be approximately 530 boe per day (90% natural gas) from over 400 producing wells. Net proved plus probable reserves were independently evaluated at 3.1 million boe, and have an estimated reserve life of 15.9 years. As this acquisition occurred subsequent to year end, these reserves were not included in our December 31, 2011 reserves evaluation. We anticipate further development on these lands when natural gas prices improve. On February 29, 2012, we closed an equity offering, issuing 3.5 million shares (including the exercise in full of the underwriters' over-allotment option) at $20.50 per share. Net proceeds of $67.6 million were used to repay the bank indebtedness associated with the acquisitions completed on September 30, 2011 and January 17, 2012. We currently have approximately $185 million of available capacity under our credit facilities, which gives us significant financial flexibility to take advantage of acquisition opportunities. We believe producers may look to sell non-core oil and gas assets, and particularly royalty interests, in order to reduce debt and fund their core exploration and development programs. In addition, cash preserved through our DRIP continues to enhance our capital resources. We have maintained a steady monthly dividend rate of $0.14 ($1.68 annually) per share since January 2010. Based on our current guidance, we expect to maintain the current monthly dividend rate through 2012, subject to the Board's quarterly review. For 2012, the Board has approved a capital budget of $30 million. Our plans include 60 (16.5 net) wells, of which 44% will be operated. About 80% of our capital will be deployed on our mineral title lands in Southeast Saskatchewan, where we continue to see opportunities. Spending may be adjusted as the year progresses, depending on the operating environment and well results. Based on this level of capital investment, anticipated drilling activity on our leased royalty lands, and normal production declines (and excluding any future acquisitions), we expect 2012 production to average approximately 7,600 boe per day. Our production remains unhedged, subject to quarterly review by our Board. Up until December 31, 2010, our trust structure was such that both current income tax and deferred tax liabilities were passed on to our unitholders. With our conversion from a trust to a corporation, we became subject to normal corporate tax rates starting in 2011. The corporate income tax rate applicable to 2011 was 26.9%; however, we did not pay any corporate income tax in 2011 (2010 - $nil) due to the tax deductions available to us and the effect of the deferral of our partnership income. In December 2011, legislation was passed implementing tax measures outlined in the 2011 budget (Bill C-13), which included the elimination of the ability of a corporation to defer income as a result of timing differences in the year-end of the corporation and of any partnership of which it is a member, subject to transitional relief over five years. Freehold's deferred income tax liability includes a partnership deferral that will be reduced over the transitional relief period. The corporate income tax rate applicable to 2012 is approximately 25%. Taxable income as a corporation is based on total income and expenses (which will vary depending on commodity prices, production volumes, and costs), reduced by claims for both accumulated tax pools and tax pools associated with current year expenditures. As our partnership has a March 31 year-end, we expect to pay no cash income taxes in 2012. However, we expect to have current income tax expense of approximately $21 million, which will be payable in the first quarter of 2013.2012 KEY OPERATING ASSUMPTIONSMarch 14, 2012November 9, 2011Average daily productionboe/d7,6007,100Average WTI oil priceUS$/bbl100.0092.00Average exchange rateCdn$/US$1.000.98Average heavy oil price differential (1)Cdn$/bbl(18.00)(20.00)Average AECO natural gas priceCdn$/Mcf2.503.75Average operating costs$/boe4.604.60Average general and administrative costs (2)$/boe3.003.00Capital expenditures$ millions3030Proceeds from DRIP (3)$ millions2727Long-term debt at year end$ millions1537Cash taxes payable in 2012 (4)$ millions-2Current income tax expense (payable in 2013) (4)$ millions21-Weighted average shares outstandingmillions6562(1) The difference between the Edmonton Par and Western Canada Select crude oil streams. (2) Excludes share based and other compensation. (3) Average 25% participation rate, which is subject to change. (4) Corporate tax estimates will vary depending on commodity prices and other factors. A sensitivity analysis of the potential impact of key variables on funds from operations per share is provided on page 7 of our 2011 Annual MD&A. Recognizing the cyclical nature of the oil and gas industry, we caution that significant changes (positive or negative) in commodity prices (including light/heavy oil price differentials), foreign exchange rates, or production rates will result in adjustments to the dividend rate. It is also inherently difficult to predict activity levels on our royalty lands since we have no operational control and do not know the future plans of the various operators. Director Succession Mr. Tullio Cedraschi, who has been a director of Freehold since 1998, plans to retire from the Board in 2012 and will not stand for re-election in May. In 1996, as head of the CN Pension Trust Funds, Tullio was instrumental in the formation of Freehold as a publicly-traded energy trust, with assets contributed from Rife Resources Ltd. and Canpar Holdings Ltd. His knowledge and experience with respect to capital markets as well as with Freehold's original assets, has been invaluable to the Board over the past 14 years. We will miss the broad perspective he has brought to the Board's strategic decision making. We are pleased to announce that Mr. Arthur N. Korpach, Vice Chairman Investment Banking at CIBC World Markets Inc., has agreed to stand for election as a director at the annual meeting of shareholders on May 9, 2012. Art is a Fellow Chartered Accountant and a Chartered Business Valuator with 27 years of investment banking experience. Land Holdings Our land holdings as at December 31, 2011 encompassed 2.7 million gross acres, down 1% from the prior year as a result of lease expires on our contracted royalty land base. Royalty interests comprised 93% of our acreage. Our undeveloped land, totalling 0.8 million gross acres, was independently valued at $91.3 million, down from $96.8 million at year-end 2010, due to a reclassification of certain acreage from undeveloped to developed and changes in value (increases as well as decreases) based on prices paid during 2011 at Crown land sales directly offsetting Freehold's lands.Oil and Gas ReservesThe reserves data below is presented on a net basis (our share of working interest properties minus royalties payable to others, plus royalties receivable on our royalty lands). Freehold is unique in that the majority of our assets are royalty interests. However, under National Instrument 51-101, royalty interests cannot be included under gross reserves. This causes our gross reserves to be lower than our net reserves and makes it difficult for investors to compare our reserves to others in our industry. We believe the most appropriate measure of reserves for Freehold is net reserves. Our oil and gas reserves were independently evaluated by Trimble Engineering Associates Ltd. (Trimble) as at December 31, 2011. The evaluation was conducted in accordance with the standards contained in the COGE Handbook and the reserve definitions contained in National Instrument 51-101. Our Reserves Committee met with Trimble to review the findings and procedures, and the reserves report has been accepted by our Board. A summary of net reserves, on a before-tax basis, is provided below. Net proved plus probable reserves at December 31, 2011 totalled 22.2 MMboe, with reserves assigned to 25,044 wells. Net proved plus probable royalty interest reserves declined 7% year-over-year, and net proved plus probable working interest reserves declined 3%. Approximately 64% of our net reserves are in the proved category, and 98% of our net proved reserves are producing. On a boe basis, net reserves are approximately 37% natural gas, 34% heavy oil, 24% light and medium oil, and 5% natural gas liquids (NGL). Drilling by others on our royalty lands added 0.4 MMboe (31%) of net proved plus probable reserves, development activities on our working interest properties added 0.7 MMboe (54%), and acquisitions added 0.2 MMboe (15%), bringing the total additions to 1.3 MMboe before 2011 production of 2.6 MMboe. Over 80% of the 2011 reserve additions were oil and NGL.Finding and development costs in 2011 were $46.81 per boe for net proved reserves, and $28.20 per boe for net proved plus probable reserves. Based on net proved plus probable reserves, we replaced approximately half of 2011 production at an all-in finding, development and acquisition (FD&A) cost of $29.47 per boe (including changes in future development capital), contributing to a three-year average FD&A cost of $24.23 per boe. The increase in development expenditures over the past three years relates to our capital program in Southeast Saskatchewan. The relatively high cost of acquisitions is justified by the addition of high netback royalty production with no future capital requirements. These activities resulted in a recycle ratio of 1.8 times the capital invested, and a three-year average recycle ratio of 1.9 times. SUMMARY OF OIL AND GAS RESERVESAS OF DECEMBER 31, 2011Light and Medium OilHeavy OilTotal Crude OilFORECAST PRICES AND COSTS (1)Gross (2)Net (3)Gross (2)Net (3)Gross (2)Net (3)Reserves Category(Mbbls)(Mbbls)(Mbbls)(Mbbls)(Mbbls)(Mbbls)ProvedDeveloped producing1,554.53,334.3710.14,385.02,264.57,719.2Developed non-producing135.6111.1128.6147.7264.2258.7Undeveloped------Total proved1,690.13,445.4838.74,532.62,528.87,978.0Probable1,009.11,884.6665.92,840.81,675.04,725.4Total proved plus probable2,699.15,330.01,504.67,373.54,203.712,703.4Natural GasNatural Gas LiquidsOil EquivalentGross (2)Net (3)Gross (2)Net (3)Gross (2)Net (3)Reserves Category(MMcf)(MMcf)(Mbbls)(Mbbls)(Mboe)(Mboe)ProvedDeveloped producing4,274.132,502.1174.0796.43,150.913,932.7Developed non-producing64.9188.8.131.5282.9273.7Undeveloped------Total proved4,339.032,559.9181.9801.73,433.814,206.3Probable3,003.317,113.4127.0404.72,302.67,982.4Total proved plus probable7,342.349,673.3308.91,206.45,736.422,188.7(1) Columns may not add due to rounding.(2) Gross reserves are our share of working interest properties before deduction of royalties payable to others. Gross reserves exclude royalty interests. (3) Net reserves are our share of working interest properties minus royalties payable to others, plus royalties receivable on our royalty lands. SUMMARY OF NET PRESENT VALUES OF FUTURE NET REVENUEAS OF DECEMBER 31, 2011FORECAST PRICES AND COSTS (1)Before Income Taxes, Discounted at (% per year)Reserves Category0%5%10%15%20%($000s)($000s)($000s)($000s)($000s)ProvedDeveloped producing826,953579,313451,824375,036323,705Developed non-producing11,1819,5688,4947,6997,071Undeveloped-----Total proved838,134588,880460,319382,735330,776Probable583,373264,999161,150114,74289,047Total proved plus probable1,421,508853,879621,469497,477419,823After Income Taxes, Discounted at (% per year) (2)Reserves Category0%5%10%15%20%($000s)($000s)($000s)($000s)($000s)ProvedDeveloped producing677,267476,367372,669310,023268,044Developed non-producing8,2656,9876,1405,5165,027Undeveloped-----Total proved685,533483,354378,809315,539273,070Probable434,266196,645119,08284,41865,233Total proved plus probable1,119,799679,999497,891399,957338,304(1) Based on the December 31, 2011 escalated oil and gas price forecasts by an independent qualified reserves evaluator. Future net revenue values do not represent fair market value. Columns may not add due to rounding. (2) The after-tax net present value calculation reflects the tax burden on the properties on a standalone basis, utilizing our tax pools to the maximum depreciation rate as currently permitted. It does not consider the corporate-level tax situation, or tax planning. It does not provide an estimate of the value at the corporate level, which may be significantly different. See our financial statements and accompanying MD&A for additional tax information. TOTAL FUTURE NET REVENUE (UNDISCOUNTED)AS OF DECEMBER 31, 2011FORECAST PRICES AND COSTS (1)Reserves Category($000s)Proved ReservesProved Plus Probable ReservesRoyalty income722,9271,220,554Revenue from working interest properties296,643525,604Royalty expense on working interest properties(44,429)(81,842)Operating costs(126,985)(222,909)Development costs(2,375)(10,644)Well abandonment and reclamation costs(7,647)(9,255)Future net revenue before income taxes838,1341,421,508Future income taxes (2)(152,602)(301,709)Future net revenue after income taxes (2)685,5331,119,799(1) Future net revenue calculation includes future capital expenditures required to bring booked non-producing and undeveloped reserves on production. Future net revenue values do not represent fair market value. Columns may not add due to rounding. (2) The after-tax net present value calculation reflects the tax burden on the properties on a standalone basis, utilizing our tax pools to the maximum depreciation rate as currently permitted. It does not consider the corporate-level tax situation, or tax planning. It does not provide an estimate of the value at the corporate level, which may be significantly different. See our financial statements and accompanying MD&A for additional tax information.FUTURE DEVELOPMENT COSTS (UNDISCOUNTED) (1)Forecast Prices and CostsProved ReservesProved Plus Probable Reserves(undiscounted)(undiscounted)Year($000s)($000s)20121,6717,28120135522,8962014298220153046201630213Remainder63128Total2,37510,644(1) Based on forecast prices and costs. The source of funding for future development costs includes internally generated cash flow, debt or a combination of both. Disclosed reserves and future net revenue will not be materially affected by the costs of funding the future development expenditures. Columns may not add due to rounding.RESERVE LIFE INDEX (1)Proved ProducingTotal ProvedProved Plus ProbableNet reserves (Mboe)13,93314,20622,189Net production (Mboe)2,1032,1732,431Reserve life index (years)126.96.36.199(1) Reflects the theoretical production life of a property if the remaining reserves were produced out at current rates. The index is calculated by dividing the reserves in the selected reserve category at a certain date by the estimated production for the following 12 month period (calculated by dividing the Trimble forecast of 2012 net production into the remaining net reserves). RECONCILIATION OF NET RESERVES (1)BY PRINCIPAL PRODUCT TYPELight and Medium OilHeavy OilFORECASTS PRICES AND COSTSProved PlusProved PlusProvedProbableProbableProvedProbableProbable(Mbbls)(Mbbls)(Mbbls)(Mbbls)(Mbbls)(Mbbls)December 31, 20103,3931,8355,2284,6403,2407,880Extensions337295632116111227Improved recovery------Technical revisions250(330)(81)609(509)99Discoveries------Acquisitions8687173---Dispositions------Economic factors(7)(2)(9)(1)(1)(2)Production(614)-(614)(830)-(830)December 31, 20113,4451,8855,3304,5332,8417,373Natural GasNatural Gas LiquidsProved PlusProved PlusProvedProbableProbableProvedProbableProbable(MMcf)(MMcf)(MMcf)(Mbbls)(Mbbls)(Mbbls)December 31, 201035,49619,86055,3568514451,296Extensions6975051,202121426Improved recovery------Technical revisions2,371(3,361)(990)92(54)38Discoveries------Acquisitions9898197--1Dispositions------Economic factors(11)121---Production(6,092)-(6,092)(154)-(154)December 31, 201132,56017,11349,6738024051,206Oil EquivalentProved PlusProvedProbableProbable(Mboe)(Mboe)(Mboe)December 31, 201014,8008,83023,629Extensions5815041,085Improved recovery---Technical revisions1,346(1,454)(108)Discoveries---Acquisitions103104207Dispositions---Economic factors(10)(1)(11)Production(2,613)-(2,613)December 31, 201114,2067,98222,189(1) Net reserves are our share of working interest properties minus royalties payable to others, plus royalties receivable on our royalty lands. Numbers may not add due to rounding.FINDING, DEVELOPMENT AND ACQUISITION (FD&A) COSTS (1)Net Proved Reserves201120102009Three-Year ResultsFinding and development expenditures ($000s)25,64918,05415,49159,194Change in future development capital estimates ($000s)1,556(59)(295)1,202Net reserve additions by development (Mboe)5814656151,662Finding and development costs ($/boe)46.8138.6724.7036.34Acquisition expenditures ($000s)7,46738,6009,53955,606Net reserve additions by acquisition (Mboe)1038572111,171Acquisition costs ($/boe)72.4245.0545.1447.48Total expenditures ($000s)33,11656,65425,030114,800Change in future development capital estimates ($000s)1,556(59)(295)1,202Net reserve additions (Mboe)6841,3228272,833Finding, development and acquisition costs ($/boe)50.6742.8129.9240.95Net Proved Plus Probable Reserves201120102009Three-Year ResultsFinding and development expenditures ($000s)25,64918,05415,49159,194Change in future development capital estimates ($000s)4,959351,9446,938Net reserve additions by development (Mboe)1,0859501,1063,141Finding and development costs ($/boe)28.2019.0415.7721.05Acquisition expenditures ($000s)7,46738,6009,53955,606Net reserve additions by acquisition (Mboe)2071,3523251,883Acquisition costs ($/boe)36.1228.5629.3829.53Total expenditures ($000s)33,11656,65425,030114,800Change in future development capital estimates ($000s)4,959351,9446,938Net reserve additions (Mboe)1,2922,3021,4305,024Finding, development and acquisition costs ($/boe)29.4724.6318.8624.23(1) Freehold did not incur any exploration expenditures in any of the applicable years. In calculating finding and development costs, NI 51-101 requires that the exploration and development costs incurred in the year and the change in estimated future development costs be aggregated and then divided by the applicable reserve additions. The calculation specifically excludes the effects of acquisitions on both reserves and costs. We believe that by excluding the effects of acquisitions, the provisions of NI 51-101 do not fully reflect Freehold's ongoing reserve replacement costs. Because acquisitions can have a significant impact on annual reserve replacement costs, excluding these amounts could result in an inaccurate portrayal of Freehold's cost structure. Accordingly, we also provide costs that incorporate all acquisitions during the year. 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.RECYCLE STATISTICSNET PROVED PLUS PROBABLE RESERVES($ per boe, except as noted)201120102009Three-Year ResultsOperating netback (1) (4)51.6544.0839.6145.15Finding, development and acquisition costs (2) (4)29.4724.6318.8624.23Recycle ratio (times) (3)184.108.40.206.9(1) Total revenue, less operating costs and royalty expenses. (2) Development expenditures, plus change in future capital, plus acquisition costs; divided by net reserves added through development and acquisition activities. (3) Operating netback divided by the average cost of acquiring and developing new reserves. (4) Operating netback is based on gross production, while development and acquisition costs are based on net reserves. LAND HOLDINGS AS OF DECEMBER 31, 2011(gross acres) (1)DevelopedUndevelopedTotalMineral title lands (2)370,590168,348538,938Royalty assumption lands (3)74,74020,08294,822Total title lands (4)445,330188,430633,760Gross overriding royalty (GORR) lands (5)1,368,303565,8551,934,158Total royalty lands1,813,633754,2852,567,918Working interest properties141,24738,042179,289Total land holdings1,954,880792,3272,747,207LAND HOLDINGSRoyalty InterestWorking InterestTotalBY PROVINCEDevelopedUndevelopedDevelopedUndevelopedDevelopedUndevelopedGross (1)Gross (1)Gross (1)NetGross (1)NetGross (1)Gross (1)Alberta1,342,895345,174107,36216,35828,0054,2771,450,257373,179Saskatchewan298,075192,77813,0854,0695,3001,857311,160198,078Ontario94,297190,149----94,297190,149British Columbia72,23024,47920,6411,2854,7377992,87129,216Manitoba6,1361,70515937--6,2951,705Total1,813,633754,285141,24721,74938,0426,2131,954,880792,327(1) Gross acres are the total number of acres in which we have an interest. (2) The royalties received from the sale of oil, natural gas and potash produced from the leased mineral title lands are determined by the individual lease agreements. All but approximately 108,000 gross acres of our mineral title lands are currently leased to third parties. (3) Mineral title properties owned by a number of third party oil and gas companies in respect of which gross overriding royalties varying from 4.7% to 6.5% have been reserved to Freehold. (4) Title lands are held in perpetuity. (5) Gross overriding royalty lands consist of properties owned by a number of third party oil and gas companies in respect of which varying royalties or net profits interests have been reserved to Freehold.NET ASSET VALUE AS OF DECEMBER 31, 2011 (1) (2)December 31($000s, except share data)20112010ChangePresent value of oil and gas reserves (3) (7)621,469656,232-5%Present value of potash reserves (4) (7)31,65620,19457%Undeveloped land (5)91,25696,785-6%Reclamation fund (6)-2,725-100%Working capital (6)479(6,479)-107%Bank debt (6)(48,000)(65,000)-26%Asset retirement obligation (8)(1,511)(1,229)23%Net asset value695,349703,228-1%Shares outstanding (000s)61,14159,1813%Net asset value per share ($)11.3711.88-4%(1) Non-GAAP measure. Net asset value (NAV) is a measure used widely within the investment community and in the oil and gas industry. It shows what is normally referred to as a 'produce-out' NAV calculation under which our reserves would be produced at forecast future prices and costs. The value is a snapshot in time and is based on various assumptions including commodity prices and foreign exchange rates that vary over time. It does not represent a 'going concern' value and it should not be assumed that the present value of oil and gas reserves represent the fair market value of the reserves. Net asset value does not have any standardized meaning prescribed by GAAP and therefore may not be comparable with the calculations of similar measures for other entities. (2) Columns may not add due to rounding. (3) Based on net proved plus probable reserves evaluated by Trimble, before tax, discounted at 10%, and includes future capital expenditure expectations required to bring booked undeveloped reserves on production. (4) Based on net proved plus probable reserves evaluated internally, before tax, discounted at 10%. Potash reserves are not subject to NI 51-101. (5) Evaluated by Seaton-Jordan & Associates Ltd. (6) Financial information per Freehold's consolidated financial statements. (7) Future net revenue values do not represent fair market value. (8) Asset retirement obligation (ARO) calculated based on the same methodology used to calculate ARO on Freehold's consolidated statements with two exceptions: future expected ARO costs are discounted at 10% and a deduction is made for abandonment costs incorporated in the present value of oil and gas reserves. CONSOLIDATED BALANCE SHEETSDecember 31December 31($000s) (unaudited)20112010AssetsCurrent assets:Cash$164$409Accounts receivable27,63422,63127,79823,040Reclamation fund-2,725Deposit on acquisition5,000-Exploration and evaluation assets25,04526,251Petroleum and natural gas interests365,597375,486$423,440$427,502Liabilities and Shareholders' EquityCurrent liabilities:Dividends payable$8,560$8,286Accounts payable and accrued liabilities14,88318,760Current portion of share based and other compensation payable3,8762,47327,31929,519Asset retirement obligation14,2829,451Share based and other compensation payable1,2893,030Long-term debt48,00065,000Deferred income tax liability59,57739,107Shareholders' equity:Shareholders' capital317,202280,311Contributed surplus1,4801,084Deficit(45,709)-272,973281,395$423,440$427,502CONSOLIDATED STATEMENTS OF INCOMEAND COMPREHENSIVE INCOMEThree Months EndedYear ended(unaudited)December 31December 31($000s, except per share and weighted average data)2011201020112010Revenue:Royalty income and working interest sales$45,304$36,525$157,910$138,155Royalty expense and mineral tax(1,087)(1,000)(4,197)(4,092)44,21735,525153,713134,063Other expense-(1,850)-(1,850)Expenses:Operating3,7722,84212,78211,569General and administrative1,4681,6647,0297,803Share based and other compensation1,2681,3292,1903,771Interest and financing6108112,9073,601Depletion and depreciation13,60312,76949,25146,132Accretion of asset retirement obligation8390344352Management fee8578773,4013,01621,66120,38277,90476,244Income before taxes22,55613,29375,80955,969Income and capital taxes:Income and capital taxes808580276Deferred income tax expense6,4431,82120,4706,3446,5231,90620,5506,620Net income and comprehensive income16,03311,38755,25949,349Net income per share, basic and diluted$0.26$0.19$0.92$0.85Weighted average number of shares:Basic60,811,30058,972,22760,021,73658,334,117Diluted60,886,21859,029,78260,093,84058,389,088CONSOLIDATED STATEMENTS OF CASH FLOWSThree Months EndedYear endedDecember 31December 31($000s) (unaudited)2011201020112010Cash provided by (used in):Operating:Net income$16,033$11,387$55,259$49,349Items not involving cash:Depletion and depreciation13,60312,76949,25146,132Share based and other compensation1,2681,3292,1903,771Deferred income tax expense6,4431,82120,4706,344Accretion of asset retirement obligation8390344352Shares issued in lieu of management fee8578773,4013,016Expenditures on share based and other compensation--(2,440)(1,647)Expenditures on reclamation(42)(55)(245)(346)Changes in non-cash working capital(5,650)(203)(9,860)3,72232,59528,015118,370110,693Financing:Long-term debt(3,000)(5,000)(17,000)20,000Dividends paid(15,262)(17,895)(67,204)(72,184)(18,262)(22,895)(84,204)(52,184)Investing:Deposit on acquisition(5,000)-(5,000)-Property and royalty acquisitions195(283)(7,467)(38,600)Capital expenditures(10,910)(4,664)(25,649)(18,054)Change in reclamation fund-(150)2,725(464)Changes in non-cash working capital1,358(52)980(1,414)(14,357)(5,149)(34,411)(58,532)Decrease in cash(24)(29)(245)(23)Cash, beginning of period188438409432Cash, end of period$164$409$164$409CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITYYear endedDecember 31($000s) (unaudited)20112010Shareholders' capital:Balance, beginning of year$280,311$684,979Shares issued for dividend reinvestment plan33,49025,695Shares issued in lieu of management fee3,4013,016Elimination of deficit-(433,379)Balance, end of year317,202280,311Contributed surplus:Balance, beginning of year1,084759Share based compensation expense396325Balance, end of year1,4801,084Deficit:Balance, beginning of year-(384,613)Net income and comprehensive income55,25949,349Dividends declared(100,968)(98,115)Elimination of deficit-433,379Balance, end of year(45,709)-Total shareholders' equity$272,973$281,395Forward-Looking Statements This news release offers our assessment of Freehold's future plans and operations as at March 14, 2012, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:our outlook for commodity prices including supply and demand factors relating to crude oil, heavy oil, and natural gas; light/heavy oil price differentials; changing economic conditions; completion of pipeline projects and the timing thereof; foreign exchange rates; industry drilling, development activity on our royalty lands, our participation in emerging resource plays, and the potential impact of horizontal drilling on production and reserves; development of working interest properties; participation in the DRIP and our use of cash preserved through the DRIP; estimated capital budget and expenditures and the timing thereof; long-term debt at year end; average production and contribution from royalty lands; key operating assumptions; acquisition opportunities; deferred income tax and our expected taxability and the timing thereof; and our dividend policy. Such statements are generally identified by the use of words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "should", "plan", "intend", "believe", and similar expressions (including the negatives thereof). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility, and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our AIF. With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future crude oil and natural gas prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future participation rates in the DRIP and use of cash preserved through the DRIP, future legislation, the cost of developing and producing our assets, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our ability to obtain financing on acceptable terms, and our ability to add production and reserves through development and acquisition activities. The key operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release. You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes. Conversion of Natural Gas To Barrels of Oil Equivalent (BOE) To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value. Non-GAAP Financial Measures Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, such as operating netback, funds from operations, funds from operations per share, finding, development and acquisition costs, recycle ratio, and net asset value. We believe that these measures are useful supplemental measures for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations and financial position. However, these terms do not have any standardized meanings prescribed by GAAP and therefore may not be comparable with the calculations of similar measures for other entities. Operating netback, which is calculated as average unit sales price less royalties and operating expenses, represents the cash margin for product sold, calculated on a per boe basis. Funds from operations is a financial term commonly used in the oil and gas industry. It is a key measure of our ability to generate cash, finance operations, and pay monthly dividends. Funds from operations as presented is not intended to represent operating cash flow or operating profits for the period nor should it be viewed as an alternative to net income or other measures of financial performance calculated in accordance with GAAP. We define funds from operations as net income adjusted for non-cash depletion and depreciation, share based and other compensation, deferred tax expense, accretion of asset retirement obligation, and management fee, and further adjusted for expenditures on reclamation. We consider funds from operations to be a key measure of operating performance as it demonstrates Freehold's ability to generate the necessary funds to fund capital expenditures and repay debt. We believe that such a measure provides a better assessment of Freehold's operations on a continuing basis by eliminating certain non-cash charges. From a business perspective, the most directly comparable measure of funds from operations calculated in accordance with GAAP is net income. Funds from operations per share is calculated based on the weighted average number of shares outstanding consistent with the calculation of net income per share. A reconciliation of funds from operations to net income is provided below.RECONCILIATION OF NET INCOMEThree Months EndedTwelve Months EndedTO FUNDS FROM OPERATIONSDecember 31December 312011201020112010Net income16,03311,38755,25949,349Adjust for non-cash items:Depletion and depreciation13,60312,76949,25146,132Share based and other compensation1,2681,329(250)2,124Deferred income tax6,4431,82120,4706,344Accretion of asset retirement obligation8390344352Management fee8578773,4013,016Adjust for cash item:Expenditures on reclamation(42)(55)(245)(346)Funds from operations38,24528,218128,230106,971In addition, we refer to various per boe figures, such as revenues and costs, also considered non-GAAP measures, which provide meaningful information on our operational performance. We derive per boe figures by dividing the relevant revenue or cost figure by the total volume of oil and gas production during the period, with natural gas converted to equivalent barrels of oil as described above.FOR FURTHER INFORMATION PLEASE CONTACT: Karen TaylorFreehold Royalties Ltd.Manager, Investor Relations and Corporate Secretary403.221.0891 or Toll Free: 1.888.257.1873403.221.0888 (FAX)email@example.com


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Central heating or a heater in the listing
In the building, free or for a fee
In the building, free or for a fee
Space where guests can cook their own meals
Towels, bed sheets, soap, and toilet paper
Central heating or a heater in the listing
In the building, free or for a fee
In the building, free or for a fee
Continuous access in the listing
Breakfast is provided.
The listing can accommodate a gathering of 25 or more attendees
Easy access to the building and listing for guests in wheelchairs
Private or Shared
Free, in the building or nearby
Posted emergency information and resources
The Space
Two very comfortable rooms in the Hague near the beach of The Hague (1 km, 10 min. walking distance) and Scheveningen (2,5 km).(also see my other advertisement)
We have a nice floor for rent for Bed+Breakfast or just the rooms. The rooms can be rented together, or seperately.
It is on the 2nd floor, of our house, very sunny, and nicely decorated. It has 2 rooms a seperate bathroom with sink, shower + toilet.
Room 1: double bed, sink
1 person will be €35,00, 2 persons €60,00 (see the photo's in this advertisement)
Room 2: Single bed + sleeping couch(double bed)
1 person will be €35,00, 2 persons €60,00 3 persons €80,00
You can stay with maximum 4 persons
Three night or more: discount!
Our guest do have a fridge on their floor.
Wireless internet available.
Free coffee and tea.
A meal can be prepared for you for 10,00. Please let me know a day in advance.
Distances: The Hague center: 4 km.
Public transportation around the corner to the citycenter and stations and the beach(tram 12 and 3, it takes 10 minutes). In the street you have to pay for parking starting the first of October 2013 between 17.00 and 21.00.
Free parking in the neighborhood within 800 meters.
It's possible to rent a bike for €4,00 a day and €21,00 for a week.
Nice area with shops, bars, restaurants just 300 meters etc.
Guest Access
The guests will have access to their room(s) and the bathroom located on their floor.
Interaction with Guests
I will usually live in the house. During the day I will be at work. I'm mostly there when guests arrive. It depends on the guest how we interact. Sometimes we have a drink or a meal together, and the other time we hardly see each other. I can help guests to figure out where to go for sightseeing or how public transport works in the Hague.
The Neighborhood
It's a really nice neighborhood. Really quiet and safe. Public transport, restaurants and shops are just around the corner. I can certainly advice a walk to the beach. It's only a 10 minutes walk from the house.
Getting around
From station Hollands Spoor .Tram number 12 is only 400 metres from the house. If you take this tram chose direction Duindorp. Get of at stop Goudenregenplein, walk further and take the first street on the left after the square theSneeuwbalstraat, then on the righth is the Sneeuwbalplein.
From central station take tram number 3 direction Loosduinen. Get of at stop Goudenregenstraat. Turn right into the Goudenregenstraat, direction Goudenregenplein. After the square follow the above instructions.
From central station or the city centre you can also take bus number 24, direction Kijkduin. Get of at stop Nieboerweg. Cross the street and walk into the Goudenregenstraat, after the traffic light of straight on into the Goudenregenstraat. Then take the second street on the right, into the Sneeuwbalstraat, then after 50 metres the Sneeuwbalplein on the right.
Other Things to Note
If you want breakfast we charge an additionel €5,00. Please let us know if you want breakfast and at what time.
It's possible to rent a bike for €4,00 a day or €21,00 a week. We do have 2 bikes.
We do not smoke in the house, but it's possible to smoke in the garden or in front of the house.
Ingrid is really welcoming host, the house is pretty cosy and clean, we felt warm even in this winter, the breakfast is also delicious. I'll miss you Ingrid, also that 2 cute cats. I will recommend it to my other friends have traveling plan there.
Ingrid is a very attentive lady who made me feel at home instantly. Her room has everything you need (coffe and tea and even a sink)! The bed is super comfortable, the room tidy and clean, and there's a spacious bathroom just next door. Excellent stay!
Really enjoyed our stay with Ingrid. We were very welcomed even though we were earlier than we should have been. Had a really comfortable sleep and the use of great facilities. Felt safe in the area and it was a lovely walk to the beach. Would highly recommend.
I have been only one night at Ingrid home and i would love to stay there again if i went, one more time, to The Hage.
Ingrid and her partner are friendly, the home is beautiful, the room is pretty nice with a big comfortable bed.
The neighborhood is quite and close to the city center.
Public transport is at 5 minutes walking.
Thank you Ingrid for this beautiful experience. Everything was perfect.
Eva G.
Op de avond van mijn aankomst ben ik zeer gastvrij ontvangen door Ingrid en haar partner. Ik heb het verblijf van 3 dagen in de prettige, lichte en rustige kamer als heel aangenaam en ontspannen beleefd. Ingrid zorgde dat er 's morgens een ontbijt klaarstond. Ik heb gebruik gemaakt van de mogelijkheid om voor een paar euro per dag en prima fiets te huren en vond het heel fijn om me op die manier door de stad te kunnen bewegen. Ik heb heerlijk gegeten bij een Italiaans restaurantje dat om de hoek ligt. Ook een supermarkt is gemakkelijk te bereiken. Een aantal heel interessante musea (Fotomuseum, Gemeentemuseum en het Museon) zijn (op de fiets) gemakkelijk te bereiken. En ook het strand is vlakbij! Al met al heb ik een prima verblijf gehad in deze kamer in Den Haag!
I stayed at Ingrids place for a week. This ende of August, with all that awful rainy and windy days in den haag, still, I felt like at home. Or maybe, better to say, i was being surrounded with some old friends. I still remember at the other night, Ingrid and I have a glas of white wein in the living room. We just left the TV on, the show was taken as a background:) and we two were just talking, without a topic, just talk about all the stuffs.... like old friends, like family. It was really a marvelous week in den haag, sweet like another meine Zuhause, which you never met it before, but, your heart know it (website hidden): miss kitty "mother" and kitty "daughter"
Ingrid and the apartment could not have been more welcoming, cozy and overall perfect! Of all my accommodations on a six week long trip to the Netherlands, it was by far the best and most comfortable! My room was clean, enviably beautifully decorated and felt very much like a home away from home! Ingrid is lovely (as are her cats) and they make you feel very welcome! I hope to stay there again when I return to the Hague in the future and will adamantly recommend staying there to my traveling friends!
This host has 48 reviews for other properties.View Other Reviews
Werkende moeder, ik doe sociaal-pedagogisch werk met kinderen. Eigen kinderen zijn het huis uit. Hobby's, fietsen, film, lezen, wandelen. Veel gereisd, Nepal, Thailand, Indonesië, Amerika, Afrika, en veel landen in Europa.

subset: commoncrawl


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This is the most stable model in our lineup. It is designed to provide excellent performance in flatwater, on rivers/ whitewater, open ocean paddling ...
read more & see specs
| Submitted by: Sean T on 2014-12-10
Summary: Very stable board, fun to surf in small waves although not the best surfing board for an inflatable. Fun in the river, fun for kids although being a smallest inflatable board in the BP lineup, it becomes unstable pretty quickly with multiple people on board. The molded on fins can get bent when rolling the board up, it would be better if the side fins were either more rigid or could be taken out.
Pros: Very stable board, fun to surf in small waves although there is little rocker and you really have to get far back on the board.
Cons: When you roll it up, the permanent plastic bendable fins get bent. When they are in that position for a long time they adapt to being bent, and then the board becomes very hard to control if you surf with bent fins. I had to hold the fins under a hair dryer for about 15 minutes to get them straight again.
Usage: River, Surfing
Submitted by: Aaron Rialas on 2014-04-16
Summary: It's a good board, very stable, not built for speed, you can catch wave from about 3ft and downwards if any bigger you cannot control the board and it starts to flex under feet
Pros: It's very sable
Cons: Not very fast
Usage: Just to chill with it


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Hiv Medications Causing Nausea
Here's a taste of what TheBody.com has to offer on this topic:
Get the Facts
Caring for Your Gut: Dealing With Diarrhea, Nausea and Other Stomach Problems if You Have HIV/AIDS...infection by helping to get rid of dangerous germs and chemicals. Nausea, vomiting, and diarrhea are three ways in which the gut responds to anything that comes into your body that might be harmful. The Gut and HIV HIV, HIV medications, and HIV-related conditions can all cause problems in the gut. HIV The gut is the site of hidden reservoirs (pockets) of HIV, even if you take HIV drugs. HIV causes damage to the lining of the...
Ask the Experts
Can anti-biotic drugs complicate/interfere with HIV medication?Dear Dr,I have been on HIV medication (Sustiva/Kivexa) for three years with success. I am generally fit and healthy although recently experienced tenderness and swelling in one testicle. After getting this checked out, my doctor prescribed...
Response from Joseph McGowan, M.D., F.A.C.P.
North Shore University Hospital...question and your kind words about the website.There are no drug-drug interactions between doxycycline or penicillin and the HIV medications you are taking. The side effects you may be experiencing may be from the doxycycline which can occur... Read more »
Stocrin/Truvada..constant nausea/vomiting!!Hi there..My girlfriend has been taking Stocrin/Truvada for 4 weeks now and still has constant nausea and vomiting.. mind you she has always had a delicate stomach.. So is the normal or should i see her doctor about changing her meds.. Also she only...
Response from Benjamin Young, M.D., Ph.D.
Rocky Mountain CARES...Hello and thanks for your post.I'm sorry to hear that your GF isn't doing so well on her HIV medications. Neither Stocrin nor Truvada are commonly associated with serious nausea or vomiting. Nevertheless, constant symptoms like Read more »
Liver Friendly HIV Medicationsdear dr. McGovern,Thanks for answering my question. It is very kind of you.About the hiv medications: could you possibly tell me which ones are liver friendly? I have heard that it is very difficult for people with liver problems, and hiv. I am so...
Response from Barbara McGovern, M.D.
Tufts University School of Medicine...monitoring of liver tests are indicated. Also you should call your doctor right away if you have right upper quadrant pain, nausea, vomiting, fatigue, or jaundice, which can be signs of toxicity. Read more »
Stocrin and Babies (Safety and Toxicity of Anti-HIV Medications During Pregnancy, 2009)Hi,Thanks for all the advise so far.I am 34yr female and positive for the last 11yrs, am considerng having a baby next year.I have been on stocrin and truvada for the last two yrs.I know stocrin is not compatable with pregnancy so I need advice as...
Response from Robert J. Frascino, M.D.
The Robert James Frascino AIDS Foundation...efavirenz) is contraindicated during pregnancy.I'll reprint some information below regarding the safety and toxicity of anti-HIV medications during pregnancy. Talk to your HIV specialist. He will help you select your best treatment option.Good... Read more »
Side Effects of HIV Drugs... Table of Contents Side Effects and HIV Drugs Being Informed About Side Effects Helps Women and Side Effects Taking Care of Yourself Side Effects and HIV Drugs Read more »
Lipodystrophy, Body Changes and HIV/AIDS...the way you feel or inyour body shape. Recording body measurements and weight on a regular basis,whether or not you are taking HIV medications, may give you valuableinformation down the road. Some of these body shape changes and metabolic... Read more »
Acute HIV Infection...people lose this response. Unless they use antiretroviral drugs (ARVs), their HIV disease will progress. Guidelines for using HIV medications recommend waiting until the immune system shows signs of damage. However, starting ARVs during acute... Read more »
HIV Drug Chart/Overview... Special Considerations: Atripla is a one-pill, once-daily drug regimen (it does nothave to be used with other HIV medications). Get tested for hepatitis B (HBV)before taking Atripla. Because Emtriva and Viread also fight HBV, if you... Read more »
Connect With Others
can ARS last two months? please respond
Posted by roma2010, 1 Reply...over well my symptoms started in june a month after the incident and here i am two months later still having symptoms i have nausea almost every day and my stomach keeps rumbling all the time with constant belching, which scares me a lot because... Read more »
HIV is not for sissies
Posted by ScotCharles, 3 Replies...have early onset osteoarthritis and osteoporosis. I take pain relievers for the osteoarthritis which further exacerbates my nausea. As I told the writer of the editorial, HIV is not for sissies. ScotCharles Read more »
I've had EVERY symptom related to HIV so depressed
Posted by Anonymous, 21 RepliesHey guys, I've had practically every symptom in the past year and I'm hoping to God that it's something else because i'm scared to death to get tested to find out that I'm HIV positive. I've had white tongue, swollen lymph nodes in my throat,... Read more »
Oral Sex causing HIV?
Posted by jinLA, 4 RepliesI am really ashamed to say that I am a medical professional when I look back on my recent behavior. I was in China and received oral sex from a massage girl who had what appeared to be a cold with sore throat (also vaginal sex with a condom). This... Read more »
Resource Centers
Guides for People With HIV


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All Campus Departments Should Review Business Continuity Plans Now
The west utility plant on UTMB's Galveston campus will soon shut down for upgrades related to the district heating and cooling project. During the shutdown, the campus' central utility plant will provide the necessary heating and cooling service, and hot and cold water to Galveston campus facilities. The planned shutdown may begin as early as March 30 and will last approximately three weeks once it begins.
Under normal conditions, the campus operates on both the central and west plants. The central plant has to capacity to support the campus based on expected temperatures for April. All necessary measures are being taken to ensure that all buildings and facilities remain fully operational, and no adverse effects on business operations are expected during the shutdown.
That said, the Office of Business Operations and Facilities has contingency plans in place in case of unforeseen issues during the shutdown, such as higher-than-expected outdoor temperatures or a malfunction in the central plant. Some buildings may be warmer and/or more humid than normal under those circumstances.
Although the shutdown is not expected to cause any interruptions to normal operations, all Galveston campus departments/units should review and be prepared to follow their business continuity plans.
For more information, contact Marcel Blanchard or Steve LeBlanc in Business Operations and Facilities.
In the event of a disaster or emergency weather conditions, please refer to the following lines of communication for more information:


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MICHAEL COGGAN: The Australian Electoral Commission estimates almost 80,000 Australians will cast their very first ballot on polling day.
Analysts say first-time voters will play a critical role in deciding the result of the election, which is expected to be one of the closest polls in the nation's history.
In the NT over 250 young people who've reached the voting age will take part in poll.
Claire Mackay spoke to some of those first-time voters about their views.
CLAIRE MACKAY: Well, welcome to Territory Stateline's forum on the election campaign.
You are all first-time voters.
Are you excited that you can finally have a say in the future of your country?
JULIEN WALLIS, FIRST TIME VOTER: I guess when you are younger you can talk about it.
But to finally get a chance to be involved in politics would be great.
MARCELO PULLEN, FIRST TIME VOTER: When it gets closer to the time I'll probably have a think about who I'm voting for and what I'm voting for as well.
But I'm not quite sure at the moment.
CAMILLE GORDON, FIRST TIME VOTER: I've always sort of disregarded it because it's always been up to my parents.
And now that I've turned 18 and I haven't been listening all these years I'm not really sure what I'm doing.
CLAIRE MACKAY: So Camille you made the point there that you've just realised you haven't really been paying a lot of attention.
Is that how most of you feel as first-time voters?
JULIEN WALLIS: As I'm looking toward university I really tuned into the education policies of government.
And Liberal wants to emphasis private education whereas Labor is more willing to you know support the public.
And, when it comes done to it my vote will be pretty much based on education.
KYRRIE BLENKINSOP, FIRST TIME VOTER: With the HECS, that's the thing that's going to affect the youth that are just starting to vote now cause we'll be going straight into university.
And if they're putting it up it's going to be a lot harder for people to be able to support their education.
So I think it's important.
CARA ALLEN, FIRST TIME VOTER: I think it's kind of difficult because you go through your 13 years or so of education to come out of it at the end and head toward university and it should be less money to go there because you've actually strived to achieve and stuck out those 13 years and then you get there and it's like you're paying massive amounts of money that you're going to be paying off for the next few years of your working life after university, just to have that privilege to go there.
CLAIRE MACKAY: How do you form these opinions in an election campaign?
CAMILLE GORDON: The main areas where I get my information is through the newspaper, basically, the stories I read and like the stories on the election and what's happening.
MARCELO PULLEN: Well, Mark Latham himself he actually came to my school earlier on in the year.
And a lot of students in Year 12 were actually asked a few questions involving education and things that he was going to do for it.
And yeah, he answered quite a lot of questions that helped me understand a little bit more about what he's campaigning for.
CLAIRE MACKAY: The Prime Minister John Howard and the Opposition Leader Mark Latham, have both spoken a lot about trust.
What do you think, do you trust them?
JULIEN WALLIS: I think palatial parties want to get elected, that's their primary goal.
And, they will pretty much do anything they can to do so.
CAMILLE GORDON: They'll say anything.
JULIEN WALLIS: Yeah, so I don't necessarily trust them.
Especially you know when you think about past issues like the GST.
Even Tampa recently.
Yeah, so no, I think you can trust them.
MARCELO PULLEN: Yeah, I agree on that one as well.
They may say something just to get elected, but later on once they're elected they may not do it.
CLAIRE MACKAY: Thank you all for coming and talking to Territory Stateline about the federal election campaign.
ALL: Thanks.


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Hotel Angelina, Sorrento
Situated in Sant'Agnello, Hotel Angelina is close to Museo Correale di Terranova, Port of Sorrento, and Deep Valley of the Mills. Also nearby are Piazza Tasso and Sedile Dominova.
Hotel Features.
The hotel offers a bar/lounge. Complimentary wireless Internet access is available in public areas. Additional amenities include a rooftop terrace, a terrace, and multilingual staff. For a surcharge, guests receive transportation including a roundtrip airport shuttle (available 24 hours) and an area shuttle. Guest parking is available for a surcharge.
Hotel Angelina has 18 guestrooms. Bathrooms offer showers and hair dryers.
Hotel Angelina offered outstanding customer service and very comfortable accommodations.…
As many other reviewers mentioned, it's a great hotel for the money. The hotel is run by…
Enter dates to check prices
Hotel Info: 866-539-8117from $49
- Economy Double Room
- Economy Triple Room
- Single Room
- Double Room
- Triple Room
Recommended hotels
At a glance
Key facts
Hotel size
- This hotel has 18 rooms
- This hotel is arranged over 1 floor
- Check-in time 2 PM-midnight
- Check-out time is 11 AM
Required at check in
- Credit card or cash deposit required
- Government-issued photo ID required
Travelling with others
- No pets or service animals allowed
- Free WiFi in public areas
- Airport shuttle (available 24 hours) *
- Self parking *
- Discounted offsite parking
- Area shuttle *
Nearby Two Star Sorrento hotels
In the hotel
- Bar/lounge
- 24-hour front desk
- Tours/ticket assistance
- Luggage storage
- Number of buildings/towers - 1
- Safe-deposit box at front desk
- Rooftop terrace
- Terrace
- Television in lobby
In the room
- Iron/ironing board (on request)
- Frette Italian sheets
- Shower only
- Hair dryer
- Desk
Top Sorrento hotels
Recently reviewed hotels in Sorrento
- Starhotels TerminusFrom
"Second time in this hotel.I was again treated very well by all members of the staff.My room was clean.the bed very comfortable,breakfast was good too.I wish to thank once again…"Mar 7, 2015
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"VERY CLEAN,LOOKS RENOVATED,SPACIOUS.BIG SETBACKS IS THE NOISE LATE AT NIGHT,GET A ROOM AS FARE AS POSIBLE FROM THE FRONT DESK,A MAJOR PROBLEM IN ITALY,I COMPLAINTED BUT IT DIDNT…"Mar 4, 2015
- Le Terrazze di CristinaFrom
"This hotel was AMAZING. It is a small little B&B built into a mountain. In fact, in the bathroom the wall is the exposed rock from the mountain side. The view from the balcony in…"Mar 1, 2015
Hotel Angelina, Sorrento's small print
Also known as
- Hotel Villa Angelina
- B&B Angelina Sorrento Coast
- Angelina Hotel Sant Agnello
- Hotel Angelina Bibione
- Angelina Sant Agnello
- Villa Angelina
- Hotel Angelina Sant'Agnello
- Hotel Angelina Sorrento
- Hotel Angelina
- B&B Angelina
Cash transactions at this property cannot exceed EUR 999.99, due to national regulations. For further details, please contact the property using information in the booking confirmation.
This property does not have elevators.
Parking height restrictions apply.
For transfers, guests must contact the property 24 hours prior to arrival at the number on the booking confirmation.
Mandatory fees
You'll be asked to pay the following charges at check in or check out:
A tax is imposed by the city and collected at the property in cash. The tax applies to stays from 1 April to 31 October. This tax does not apply to residents of the city, or children under 18 years of age. Please note that further exemptions may apply. For further details, please contact the property using the information contained in the confirmation received after booking.
- A tax is imposed by the city: EUR 1 per person, per night, up to 7 nights. This tax does not apply to children under 18 years of age.
Optional extras
Self parking costs EUR 15 per day
We have included all charges provided to us by this hotel. However, charges can vary, for example, based on length of stay or the room you book.


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Good oral-hygiene habits include regular trips to the dentist, daily brushing, and giving taffy to every child you know to drum up business for the Tooth Fairy. Keep your chompers in check with this Groupon.
The Deal
- $49 for a dental exam, cleaning, and x-rays ($560 value)
Dr. Steven S Lee, DDS
Dr. Lee sees every smile he treats with an artist's eye because before becoming a prosthodontist—a dentist specializing in teeth replacement—he was a freelance artist and landscape architect. This background gives him unique insight when it comes to the beauty and balance of the mouth and guides him as he performs restorative and cosmetic treatments. Some of these treatments include implants and veneers, but he and his team also keep pearly whites polished with routine cleanings and exams, which make use of digital x-rays for reduced radiation exposure and intraoral cameras for better molar portraits.
Dr. Steven S Lee, DDS
30 E 60th St.
New York, NY 10022
+12127582185Get Directions