Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") is pleased
to announce it has confirmed the existing borrowing base shall remain at $200.0
million in respect of its $200.0 million credit facility. The credit facility is
based upon an updated independent reserves evaluation (the "GLJ Update Report")
prepared by GLJ Petroleum Consultants ("GLJ"), Arcan's independent qualified
reserves evaluator, in respect of 100 percent of Arcan's oil and gas properties.
The values from the GLJ Update Report have been revised to remove the previously
announced asset sales that occurred in the third quarter of 2012. Arcan also
announces it has commenced fracture and completion operations on four wells
which were drilled earlier in 2012 and has drilled a farm-out horizontal oil
well on land west of the Deer Mountain Unit #2 ("DM#2").
Arcan's syndicated credit facility is led by Alberta Treasury Branches and
includes the Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National
Bank of Canada, and Royal Bank of Canada. The credit facility has an initial
revolving period of one year and if such revolving period is not extended, the
credit facility converts to a term loan payable in full 364 days after the
expiration of such revolving period and a semi-annual borrowing base
redetermination, which has now been completed for the fall of 2012 as required
under the credit facility. The only financial covenant related to the credit
facility is that Arcan's debt and working capital, excluding hedging and
debentures, cannot exceed $200.0 million.
GLJ updated the Corporation's reserves in respect of Arcan's Swan Hills oil and
gas properties. The GLJ Update Report, effective June 30, 2012, was prepared in
accordance with National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities and the Canadian Oil and Gas Evaluation Handbook and is dated
August 31, 2012. In accordance with the updated information provided by the GLJ
Update Report, Arcan's current estimated net asset value ("NAV") per diluted
share is $4.37. This is based upon GLJ updating its evaluation to remove
reserves of the previously announced dispositions of the Hamburg and Virginia
Hills, $171.3 million in outstanding debentures, and an estimated debt and
working capital of $147.0 million at September 30, 2012. This compares to a NAV
per diluted share of $7.28 at December 31, 2011.
Reserves Highlights:
-- Arcan estimates NAV per diluted share of $4.37 at September 30, 2012,
down from a NAV per diluted share of $7.28 at December 31, 2011.
Commodity price declines accounted for approximately 65 percent, or
$1.85 per diluted share, of the decrease in value, with the balance of
the decline being attributable to asset sales and increased debt from
infrastructure investments.
-- $660.0 million net present value of future net revenue of working
interest total proved plus probable ("P+P") reserves before tax at a 10
percent discount rate, down 20 percent from $829.0 million as at
December 31, 2011.
-- Proved producing reserves were up two percent while total proved
reserves of 19.1 million barrels of oil equivalent ("MMBOE") versus 21.6
MMBOE total proved reserves as at December 31, 2011 were down 12 percent
over the period. Asset sales of 1.5 MMBOE and production of 0.9 MMBOE
represented substantially all of the change in total proved reserves.
-- 35.7 MMBOE total P+P reserves representing a 13 percent reduction in
2012, versus 41.0 MMBOE P+P reserves as at December 31, 2011. Asset
sales represented 2.8 MMBOE of the change in total P+P reserves.
-- Arcan's reserves are characterized as weighted 96 percent to light oil
and natural gas liquids ("NGLs").
-- The GLJ Update Report included 78 net proved producing wells in the Swan
Hills area with a total of 153 P+P well locations booked. Future capital
has decreased by $76.0 million on a total proved basis and by $96.0
million on a total P+P basis since December 31, 2011.
-- Reserves were partially recorded on approximately 65 sections, or
approximately 40 percent, of Arcan's land in the Swan Hills area,
leaving Arcan with approximately 87 sections of land on which no
reserves have yet been recorded.
-- Arcan's waterflood activities continued through the third quarter in
both the DM#2 and Ethel areas. With the majority of the required
infrastructure now in place, improved results are becoming apparent at
wells closer to injectors. Arcan anticipates that continued improvement
will translate to incremental reserve bookings by year end 2012 and in
years to come.
-- Using production of 4,000 barrels of oil equivalent ("BOE") per day and
June 30, 2012 P+P reserves, Arcan estimates that it has a reserve life
of over 20 years.
-- The GLJ Update Report removed the previously announced asset sales that
occurred in the third quarter of 2012. These included 0.5 MMBOE of
proved producing reserves, 1.5 MMBOE of total proved reserves, and 2.8
MMBOE of P+P reserves with associated values of $6.9 million, $18.6
million, and $37.7 million, respectively.
Arcan's Swan Hills Beaverhill Lake Asset
Arcan's activities are focused on the development of the large light oil
resource in the Swan Hills area. Over the last 18 months Arcan has transitioned
over 60 square miles of undeveloped land into a large development inventory of
drill ready locations inside of a proven oil reservoir. This development is now
supported by an infrastructure corridor consisting of roads, pipelines, and
facilities. These key components are expected to result in lower operating
costs, reduced development capital for future wells, and the implementation of
an enhanced oil recovery program in the early stages of the field production.
Three standing vertical wells were recently converted to provide source water
for injection into the reservoirs, lifting the number of source wells to seven.
These conversions have increased Arcan's total source water capability to
approximately 5,000 barrels per day. An additional six wells were converted to
water injectors which brings the total number of water injectors in DM#2 to 17.
Arcan has also completed and commissioned two additional pipeline projects in
the DM#2 that allow both source water and injection water to be moved throughout
the field and effectively placed in the reservoir as required. Due to the
increased injection, 15 of the 29 producing wells in the DM#2 are showing
varying levels of response. In Ethel, field work was completed in June 2012 to
allow for seven sections to be under waterflood through the addition of one
drilled horizontal injector and the conversion of two existing wells, to total
four injectors. This work was completed as part of the new infrastructure
corridor through the Ethel property.
Based on waterflood recoveries of up to 40 percent in offsetting areas of the
Swan Hills Beaverhill lake reservoir, Arcan is of the view that similar
waterflood recovery rates on its property would have the potential to translate
into recoveries of up to 270 MMBOE (95 percent light oil) from the Arcan
waterflood area. To date, the Corporation has recorded under 15 percent of these
total estimated recoverable reserves at 35.7 MMBOE ($4.37 per diluted share).
Arcan anticipates that with 151 net sections of land drilled to four wells per
section, the inventory of locations could continue to show substantial growth.
Arcan's waterflood activities continue throughout the Swan Hills area. Initial
results are encouraging and Arcan anticipates that these results will translate
to incremental reserve bookings by year end 2012 and in years to come.
Net Asset Value
As detailed in the table below, Arcan's NAV per diluted share of $4.37 (on the
basis of total P+P reserves discounted at 10 percent) has decreased by 40
percent from the NAV per diluted share of $7.28 reported at December 31, 2011
due to a decrease in commodity prices which accounted for $1.85 per diluted
share of the decrease in value, with the balance of the decline being
attributable to asset sales and debt increases related to infrastructure
investments. Arcan estimates that as at September 30, 2012 it has $147.0 million
in debt and working capital deficit in addition to the $171.3 million in
outstanding debentures.
September 30, December 31,
Asset Value 2012(1) 2011
----------------------------------------------------------------------------
(P+P discounted (P+P discounted
($000s except number of shares and per share) at 10%) at 10%)
-------------------------------
Present value of reserves 659,593(2) 829,242
Undeveloped acreage ($1,000 per acre) 56,000 87,000
Stimsol Canada Inc. (Arcan's subsidiary) 30,000 30,000
Net debt (including working capital, bank
debt and outstanding debentures at face
value) (318,250) (209,966)
Dilution proceeds(3) - 27,509
-------------------------------
Estimated value 427,343 763,786
Shares (thousands) (3) 97,860 104,906
-------------------------------
Estimated NAV $ per diluted share (2) 4.37 7.28
Notes:
(1) The GLJ Update Report removed the previously announced asset sales which
occurred in the third quarter of 2012. These included 0.5 MMBOE of proved
producing reserves, 1.5 MMBOE of total proved reserves, and 2.8 MMBOE of P+P
reserves with associated values of $6.9 million, $18.6 million, and $37.7
million, respectively.
(2) Reserves used as basis for the September 30, 2012 NAV calculation are as at
June 30, 2012 as evaluated by GLJ in the GLJ Update Report. Land values are
estimated at $1,000 per acre on an estimated 56,000 acres with no reserves
recorded on them.
(3) Share figures for June 30, 2012 include all dilutive securities namely:
97,860,013 common shares and none of the outstanding 7,696,333 stock options as
they are all exercisable above the current trading price of $0.80 per share.
Share figures for December 31, 2011 include all dilutive securities namely:
97,760,846 common shares and 7,144,833 stock options that are in the money at
their average exercise price of $3.85 (these were all dilutive securities
exercisable below the $4.98 December 31, 2011 share trading price).
The NAV calculations provided above are presented for September 30, 2012 and
December 31, 2011 and incorporate estimates that may not be comparable
year-over-year and are only at one point in time. An independent evaluation was
performed on Arcan's reserves as at June 30, 2012; however updates for the per
acre land values and the value of Stimsol Canada Inc., Arcan's wholly-owned
services subsidiary, have not been estimated for the purposes of this
evaluation. Arcan's net debt (including working capital, bank debt and
debentures) for December 31, 2011 is from the year-end financial statements. The
figures for September 30, 2012 are estimated and unaudited. Dilution proceeds
are zero at September 30, 2012 as the exercise prices of all of Arcan's stock
options are above its common share trading price. Dilution proceeds are computed
by taking the outstanding stock options at their respective dates multiplied by
their exercise prices for December 31, 2011 calculation. Readers are cautioned
that this presentation does not reflect all aspects of the Corporation. Reserve
estimates are derived from the reports from GLJ. The July 1, 2012 pricing
assumptions are listed below with market changes having a material impact on
this NAV calculation.
Summary of Oil and Gas Reserves
The tables below provide a summary of the oil, NGLs and natural gas reserves
attributable to Arcan as at June 30, 2012. As the tables below summarize, the
data contained in the GLJ Update Report may contain slightly different numbers
than those contained in the original report due to rounding. This may also
affect the addition of certain columns. Readers should review the definitions
and information contained in "Presentation of Arcan's Oil and Gas Reserves" and
"Abbreviations" in Arcan's annual information form for the year ended December
31, 2011 in conjunction with the following table and notes. All of Arcan's
reserves are on-shore in Canada. The values from the GLJ Update Report removed
the previously announced asset sales that occurred in the third quarter of 2012.
These included 0.5 MMBOE of proved producing reserves, 1.5 MMBOE of total proved
reserves, and 2.8 MMBOE of P+P reserves with associated values of $6.9 million,
$18.6 million, and $37.7 million, respectively.
Summary of Oil and Gas Reserves - Forecast Prices and Costs
Light & Medium Oil Natural Gas Liquids
------------------------------------------------
Gross (2) Net (3) Gross (2) Net (3)
Reserves Category (Mbbl) (Mbbl) (Mbbl) (Mbbl)
------------------------------------------------
Proved
Developed Producing 9,940 7,434 395 251
Developed Non-Producing 100 89 5 4
Undeveloped 7,509 6,057 280 211
Total Proved 17,549 13,580 680 466
Total Probable 15,443 11,331 511 360
------------------------------------------------
Total P+P 32,993 24,912 1,191 826
Natural Gas(1) Total
------------------------------------------------
Gross (2) Net (3) Gross (2) Net (3)
Reserves Category (MMcf) (MMcf) (Mbbls) (Mbbl)
------------------------------------------------
Proved
Developed Producing 3,017 2,520 10,837 8,105
Developed Non-Producing 58 51 115 102
Undeveloped 2,052 1,814 8,131 6,570
Total Proved 5,127 4,385 19,084 14,777
Total Probable 4,055 3,587 16,630 12,289
------------------------------------------------
Total P+P 9,181 7,972 35,714 27,067
Notes:
(1) Estimates of reserves of natural gas include associated and non-associated gas.
(2) "Gross Reserves" are Arcan's working interest share of remaining reserves
before the deduction of royalties.
(3) "Net Reserves" are Arcan's working interest share of remaining reserves less
all Crown, freehold, and overriding royalties and interests owned by others.
Net Present Value of Future Net Revenue - Forecast Prices and Costs
Net Present Value of Future Net Revenue(1)
--------------------------------------------------
Before Income Taxes - Discounted at (%/yr)
--------------------------------------------------
0 5 10 15 20
Reserves Category (MM$) (MM$) (MM$) (MM$) (MM$)
--------------------------------------------------
Proved
Developed Producing 541.6 383.6 301.7 251.7 218.0
Developed Non-Producing 3.9 3.2 2.7 2.3 2.0
Undeveloped 326.0 193.4 122.0 79.8 53.0
Total Proved 871.5 580.1 426.4 333.8 273.1
Total Probable 852.0 409.4 233.2 145.8 95.5
--------------------------------------------------
Total P+P 1,723.5 989.5 659.6 479.7 368.6
Note:
(1) Net present value of future net revenue includes all resource income: sales
of oil, gas and by-product reserves; processing of third party reserves; and
other income. Calculated using net present value of future net revenue before
deducting income taxes (discounted).
GLJ employed the following pricing, exchange rate and inflation rate assumptions
as of July 1, 2012, in the GLJ Update Report for estimating reserves data using
forecast prices and costs(1):
Medium and Light Crude Oil
-----------------------------------------------
WTI
Cushing Edmonton Cromer
Oklahoma Par Price Medium
40 degrees API 40 degrees API 29.3 degrees
Year Inflation (US$/bbl) ($/bbl) API($/bbl)
2011 (actual) 2.9 95.12 95.53 88.33
2012 (Full Year) 2.0 91.57 83.47 78.19
2012 (Q3 - Q4) 2.0 85.00 79.08 74.34
2013 2.0 90.00 86.73 79.80
2014 2.0 95.00 95.92 87.29
2015 2.0 100.00 101.02 91.93
2016 2.0 100.00 101.02 91.93
2017 2.0 100.00 101.02 91.93
2018 2.0 101.35 102.40 93.18
2019 2.0 103.38 104.47 95.07
2020 2.0 105.45 106.58 96.99
2021 2.0 107.56 108.73 98.95
Natural Gas
----------------------------------------
Alberta Gas
Reference
Price Exchange
Plant Gate AECO - C Spot Rate
Year ($/MMBTU) ($/MMBTU) (US$/$Cdn)
2011 (actual) 3.51 3.62 1.012
2012 (Full Year) 2.35 2.47 0.987
2012 (Q3 - Q4) 2.68 2.87 0.980
2013 3.25 3.44 0.980
2014 3.70 3.90 0.980
2015 4.16 4.36 0.980
2016 4.61 4.82 0.980
2017 5.07 5.28 0.980
2018 5.47 5.68 0.980
2019 5.59 5.80 0.980
2020 5.70 5.91 0.980
2021 5.82 6.03 0.980
Note:
(1) All pricing in the above table, excluding inflation and the exchange
rate, is escalated at 2.0 percent per year after 2021.
Note:
(1) All pricing in the above table, excluding inflation and the exchange rate,
is escalated at 2.0 percent per year after 2021.
Operations Update
As of September 30, 2012, Arcan had an inventory of four wells in the northern
portion of its Ethel property. These four wells were drilled early in 2012 but
were not completed due to weather delays. Completion operations on these wells
have now commenced. In the third quarter of 2012, Arcan constructed roads and
pipelines to connect the pad site to the new gathering system.
On its Gere property, Arcan drilled a successful oil well to retain 20 sections
of land for seven more years. This well is currently producing approximately 50
barrels per day and is located approximately 10 miles away from the nearest
Ethel oil well, confirming productive capability on an extensive, but
undeveloped land base.
Arcan has also farmed out 4.5 sections of land to the west of DM#2 whereby Arcan
retains a 50 percent interest and operatorship. The 04-27-68-09W5 well is the
first horizontal oil well on this land and was spud on October 19, 2012 and
completed drilling on November 1, 2012. Arcan anticipates that after completion
it may be tied in to newly constructed pipelines to the DM#2. In addition, Arcan
has farmed out three sections of expiring lands in the south-west corner of
Ethel and estimates a well will be spud early in 2013 on this block of land.
For the third quarter of 2012, Arcan estimates it produced approximately 3,900
BOE per day, including the impact of dispositions, and is working to deliver
production in excess of 4,500 BOE per day for the year. Arcan estimates
operating netbacks of approximately $39.00 per BOE after accounting for $25.00
per BOE operating costs. These costs have increased from previous quarters due
to extremely wet weather operations and the transportation costs related to the
removal of rental equipment as production was transitioned to the newly
constructed pipeline infrastructure. With permanent pipeline infrastructure
in-place, the sale of the Hamburg property, and its temporary equipment rentals
removed, Arcan achieved significant operating cost reductions in September and
anticipates further reductions going forward. As previously released, Arcan
experienced a one-time $8.0 million cash flow impact related to the disposition
of an acid contract in July. Arcan estimates a gain on the sale on its Virginia
Hills disposition of $4.0 million and a loss on sale of its Hamburg assets of
$25.0 million in the third quarter. Arcan estimates debt and working capital of
$147.0 million at September 30, 2012, down from $151.0 million at the end of
June 2012. Arcan anticipates that it will to release its third quarter report on
November 14, 2012.
Finally, Arcan also announces that it will be relocating its corporate head
offices in November 2012, to the new address listed below, in an effort to
reduce ongoing general and administrative expenses. This move is expected to
translate to savings to Arcan of approximately $800,000 per year.
Outlook
Arcan continues to focus solely on developing its assets in the Swan Hills
Beaverhill Lake light oil reef. Arcan is a light oil producer with the primary
components of well delineation, infrastructure and waterflood approvals in place
to sustain consistent production results and generate long term secure cash flow
from the development of this significant light oil asset. A concerted cost focus
in the latter half of 2012 and into 2013 is expected to deliver reductions in
operating costs going forward and with new wells being drilled and completed at
under $4.5 million per well, generating very attractive rates of return.
The continued implementation of enhanced oil recovery through waterflood is
expected to stabilize Arcan's production base and deliver low cost reserves. To
secure cash flow, Arcan is hedged at 2,000 barrels per day for all of 2013 and
2014 at approximately $100 WTI for 2013 and at $93 WTI for 2014, which provides
Arcan with a stable financial base. Arcan continues to implement changes to
maximize shareholder value and provide secure growth per share. Arcan has been
working on an updated website, FAQ documents and a corporate presentation, all
of which are expected to be released shortly.
About Arcan Resources Ltd.
Arcan Resources Ltd. is an Alberta, Canada corporation that is principally
engaged in the production, development and acquisition of petroleum and natural
gas located in Canada's Western Sedimentary Basin.
Legal Advisories
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of six million cubic feet ("Mcf") of natural gas to one barrel of oil is
based on an energy equivalency conversion primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. In addition, given
that the value ratio based on the current price of oil as compared to natural
gas is significantly different from the energy equivalent of six to one,
utilizing a BOE conversion ratio of six Mcf per one bbl would be misleading as
an indication of value.
This press release contains information on oil and natural gas reserves and
reserves value, net asset value per share, net present value and future net
revenue which are estimates only. Present value refers to the estimated future
net revenues calculated at the disclosed discount rate. These estimated values
disclosed do not represent fair market value.
Additional information about the Corporation, including the Corporation's annual
information form for the year ended December 31, 2011, is available under
Arcan's profile on SEDAR at www.sedar.com.
Non-GAAP Measurements
Readers are cautioned that this press release contains the term "net asset
value" ("NAV") which Management of Arcan believes is a useful supplemental
measure as it provides a measure of the potential value of the Corporation.
Arcan's method for calculating NAV is detailed in this press release in the
section "Net Asset Value" and may differ from that of other companies, and,
accordingly, may not be comparable. Operating and corporate netbacks are also
presented. Operating netbacks represent Arcan's revenue, less royalties and
operating expenses, and corporate netbacks represent Arcan's operating netback,
less realized economic hedging losses, general and administrative ("G&A") and
interest expense, in order to determine the amount of funds generated by
production. Operating and corporate netbacks have been presented on a per BOE
basis, as well. These measures do not have any standardized meaning prescribed
by Generally Accepted Accounting Principles ("GAAP") and therefore is unlikely
to be comparable to similar measures presented by other companies. Arcan's
Management believes there is no GAAP measures that are directly comparable,
although there are GAAP financial statement amounts used in the calculation that
have been articulated in that section of the press release, and readers are
cautioned in their use of these measures. Management believes that these
measures are useful supplemental measures as they provide an estimate of value,
or an indication of the ability of Arcan to fund future growth through capital
investment, its ability to generate funds to finance its operations and/or repay
debt. These measures have been described and presented in this press release in
order to provide shareholders and potential investors with additional
information regarding Arcan.
Forward-Looking Information and Statements
This press release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"potential", ''anticipate'', ''estimate'', ''may'', ''will'' and similar
expressions are intended to identify forward-looking information or statements.
In particular, but without limiting the foregoing, this press release contains
forward-looking information and statements pertaining to, among other things:
estimated reserves growth; Arcan's capital capacity for the remainder of 2012;
potential recoveries of up to 270 MMBOE (95% light oil) in Arcan's Swan Hills
land base; estimated additional drilling locations and the potential for further
growth in such estimates; expectations relating to Arcan's potential for future
growth; estimates respecting production and financial results as at and for the
three and nine-month periods ended September 30, 2012; reserve life index;
expectations regarding farm-out relationships; the ability to maintain the
Corporation's land base; expectations respecting upcoming fracturing activities;
estimates as to production figures for 2012; expectations on the effect that
enhanced oil recovery through waterflood will have on Arcan's production base
and reserves; expectations respecting future netbacks; estimates on the gains
and losses relating to dispositions in the third quarter of 2012; Arcan's
anticipated office relocation and the savings to be derived therefrom; the
ability of Arcan to deliver solid production results and generate long-term
secure cash flows; future operating costs; future rates of return; the timing of
the release of Arcan's third quarter results; and the timing of the release of
Arcan's new website and corporate presentation.
The forward-looking information and statements contained in this press release
reflect several material factors, expectations and assumptions of Arcan
including, without limitation: that Arcan will continue to conduct its
operations in a manner consistent with past operations; the accuracy of current
horizontal production data, historical well production and waterflood results in
offsetting areas; the general continuance of current or, where applicable,
assumed industry conditions; continuity of reservoir conditions across Arcan's
Swan Hills land base; availability of debt and/or equity sources to fund Arcan's
capital and operating requirements as needed; the continuance of existing and,
in certain circumstances, proposed tax and royalty regimes; the accuracy of the
estimates of Arcan's reserve volumes; and certain commodity price and other cost
assumptions.
Arcan believes the material factors, expectations and assumptions reflected in
the forward-looking information and statements are reasonable at this time but
no assurance can be given that these factors, expectations and assumptions will
prove to be correct. The forward-looking information and statements included in
this press release are not guarantees of future performance and should not be
unduly relied upon. Such information and statements involve known and unknown
risks, uncertainties and other factors that may cause actual results or events
to differ materially from those anticipated in such forward-looking information
or statements including, without limitation: assumptions respecting waterflood
results and the continuity of reservoir conditions across Arcan's Swan Hills
land base may prove incorrect; changes in commodity prices; unanticipated
operating results or production declines; waterflood and carbon dioxide impacts;
changes in tax or environmental laws or royalty rates; increased debt levels or
debt service requirements; inaccurate estimation of Arcan's oil and gas reserves
volumes; for reasons currently unforeseen, the current drilling locations
identified by Arcan may prove to be unsuitable or unavailable and drilling on
the locations identified may not occur to the magnitude currently anticipated by
Arcan or at all; increased costs and expenses; the impact of competitors;
reliance on industry partners; and certain other risks detailed from time to
time in Arcan's public disclosure documents including, without limitation, those
risks identified in this press release, and in Arcan's annual information form,
copies of which are available on Arcan's SEDAR profile at www.sedar.com.
The forward-looking information and statements contained in this press release
speak only as of the date of this press release, and Arcan does not assume any
obligation to publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Arcan Resources Ltd.
Terry McCoy
Chief Executive Officer
(403) 262-0321
tmccoy@arcanres.com
Arcan Resources Ltd.
Douglas Penner
President
(403) 262-0321
dpenner@arcanres.com
New address, effective November 19, 2012:
Arcan Resources Ltd.
Suite 2200, 500 - 4th Avenue S.W.
Calgary, AB T2P 2V6
(403) 262-0321
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