Spartan Energy Corp. says that, as a result of a successful fourth quarter drilling program, we exceeded our 2014 exit production guidance of 8,900 to 9,100 boe/d in early December. We expect our fourth quarter average production to exceed 8,700 boe/d and our 2014 annual average to exceed 5,850 boe/d, 3% above our guidance of 5,700 boe/d. December average production is approximately 9,300 boe/d, based on field estimates.
Spartan had a very active 2014, increasing production from 625 boe/d when the Company commenced operations in December 2013. Our production growth has been achieved through an active acquisition program early in 2014, which established our extensive southeast Saskatchewan focused asset base, followed by the successful execution of our drilling program in the second half of the year. We also focused on maintaining a strong balance sheet in 2014, with estimated year-end net debt of approximately $92 million, leaving approximately $158 million of available room on our $250 million credit facility.