boe for 2019 were $ 13.36 , 26 % higher compared with 2018 primarily as a result of higher power generation and rental costs . with the commissioning of the production facilities and the gas to power project in acordionero both total and per boe operating costs are expected to decrease in 2020. workover expenses per boe for 2019 increased by 18 % to $ 3.87 compared with 2018 primarily as a result of higher frequency of esp failures during 2019 due to power outages . with the commissioning of the gas- to-power project which has resulted in more reliable power , we are expecting lower workover costs in 2020. quality and transportation discounts per boe for 2019 was $ 10.48 compared to $ 13.16 in 2018 . the decrease was due to renegotiation of certain sales contracts which had lower quality and transportation discounts compared to the sales contracts used for in 2018 transportation expenses per boe for 2019 decrease d by 31 % to $ 1.92 compared with 2018 , due to a higher percentage of volumes being sold at wellhead where transportation is netted against sales price general and administrative ( `` g & a `` ) expenses before stock-based compensation per boe for 2019 increase d by 5 % to $ 3.13 per boe compared to 2018 on may 20 , 2019 , we issued $ 300.0 million of 7.75 % senior notes due 2027 ( “ 7.75 % senior notes ” ) we purchased and canceled $ 114,999,000 aggregate principal amount of 5.00 % convertible senior notes due 2021 ( “ convertible notes ” ) in november , 2019 , we extended the maturity of our credit facility to november 10 , 2022 environmental , social and governance highlights : in 2019 , we achieved our best safety record in terms of lost time injuries ( 'lti `` ) and total recordable injuries ; our 2019 lti ratio of 0.02 was 80 % below the industry average for latin american exploration and production companies , which was reported by the international association of oil and gas producers in 2019 in partnership with the international non-governmental organization conservation international , we committed to reforesting 1,000 hectares of land and securing and maintaining 18,000 hectares of forest through the naturamazonas project in the putumayo basin ; our total naturamazonas investment in the andes-amazon rainforest corridor through this project is forecasted to be $ 13 million we planted a total of 560,112 trees and have conserved , preserved or reforested 1,367 hectares of land through all of our environmental efforts for the last 4 years , we have voluntarily released an assessment of our greenhouse gas ( `` ghg `` ) emissions we are reducing ghg emissions at our facilities through gas-to-power projects by converting excess natural gas , that would otherwise be flared , and using it instead for power generation ; in 2019 , we completed a gas-to-power project at the acordionero field , ours single biggest producing asset ; previously , gas-to-power projects were completed at the moqueta field in 2018 and the costayaco field in 2017 we are working to eliminate all routine flaring in our operations we are undertaking the naturamazonas project over the course of seven years , commencing in 2017. this project alone is expected to sequester approximately 8.7 million tons of co 2 over its lifetime we have created almost 16,000 local labor opportunities over the past 3 years 30 replace_table_token_11_th replace_table_token_12_th ( 1 ) non-gaap measures operating netback , ebitda , funds flow from operations are non-gaap measures which do not have any standardized meaning prescribed under gaap . management views these measures as financial performance measures . investors are cautioned that these measures should not be construed as alternatives to net income or loss or other measures of financial performance as determined in accordance with gaap . our method of calculating these measures may differ from 31 other companies and , accordingly , may not be comparable to similar measures used by other companies . each non-gaap financial measure is presented along with the corresponding gaap measure so as not to imply that more emphasis should be placed on the non-gaap measure . operating netback , as presented , is defined as oil and natural gas sales less operating , workover and transportation expenses . management believes that operating netback is a useful supplemental measure for management and investors to analyze financial performance and provides an indication of the results generated by our principal business activities prior to the consideration of other income and expenses . a reconciliation from oil and natural gas sales to operating netback is provided in the table above . ebitda , as presented , is defined as net income or loss adjusted for depletion , depreciation and accretion ( `` dd & a `` ) expenses , interest expense and income tax expense . adjusted ebitda , as presented is defined as ebitda adjusted for loss on redemption of convertible notes , investment gains or losses , loss on sale of business units and asset impairment . management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income , and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results . a reconciliation from net income to ebitda and adjusted ebitda is as follows : replace_table_token_13_th funds flow from operations , as presented , is defined as net income or loss adjusted for dd & a expenses , asset impairment , deferred tax expense , stock-based compensation expense , amortization of debt issuance costs , non-cash lease expense , lease payments , cash settlement of rsus , unrealized foreign exchange gains or losses , financial instruments gains or losses , cash settlement of financial instruments and loss on redemption of convertible notes . story_separator_special_tag story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > at december 31 , 2019 , 92 % of our cash and cash equivalents were held by subsidiaries outside of canada and the united states . derivative positions at december 31 , 2019 , we had outstanding commodity price derivative positions as follows : period and type of instrument volume , bopd reference purchased put ( $ /bbl , weighted average ) sold call ( $ /bbl , weighted average ) premium ( $ /bbl , weighted average ) collars : january 1 , to june 30 , 2020 6,000 ice brent 55.00 69.05 n/a a collar limits the range of possible positive and negative returns and provides us downside protection at a lower cost compared to a protective swap . at december 31 , 2019 and subsequent to , we had outstanding foreign currency derivative positions as follows : 42 period and type of instrument amount hedged ( millions cop ) u.s. dollar equivalent of amount hedged ( thousands of u.s. dollars ) ( 1 ) reference floor price ( cop , weighted average ) cap price ( cop , weighted average ) collars : january 1 , to december 31 , 2020 134,500 40,994 cop 3,305 3,423 cash flows the following table presents our sources and uses of cash and cash equivalents for the periods presented : replace_table_token_31_th ( 1 ) funds flow from operations is a non-gaap measure which does not have any standardized meaning prescribed under gaap . refer to “ financial and operating highlights - non-gaap measures ” for a definition and reconciliation of this measure . 43 off-balance sheet arrangements as at december 31 , 2019 and 2018 , we had no off-balance sheet arrangements . contractual obligations the following is a schedule by year of purchase obligations , future minimum payments for firm agreements and leases that have initial or remaining non-cancelable terms in excess of one year as of december 31 , 2019 : replace_table_token_32_th ( 1 ) interest payments were calculated by assuming that our revolving credit facility outstanding balance at december 31 , 2019 of $ 118 million will be outstanding through the november 2022 maturity date and our 6.25 % senior notes and 7.75 % senior notes will be held until their maturity dates of february 2025 and may 2027 , respectively . actual results will differ from these estimates and assumptions . at december 31 , 2019 , we had provided promissory notes totaling $ 120.6 million to support letters of credit or surety bonds relating to work commitment guarantees contained in exploration contracts and other capital or operating requirements . these unsecured letters of credit do not utilize our revolving credit facility capacity because they are backed by local colombian banks and export development canada . the above table does not reflect estimated amounts expected to be incurred in the future associated with the abandonment of our oil and gas properties and other long-term liabilities , as we can not determine with accuracy the timing of such payments . information regarding our asset retirement obligation can be found in note 8 to the consolidated financial statements , asset retirement obligation , in item 8 . “ financial statements and supplementary data ” . as is customary in the oil and gas industry , we may at times have commitments in place to reserve or earn certain acreage positions or wells . if we do not meet such commitments , the acreage positions or wells may be lost and associated penalties may be payable . critical accounting policies and estimates the preparation of financial statements under gaap requires management to make estimates , judgments and assumptions that affect the reported amounts of assets and liabilities as well as the revenues and expenses reported and disclosure of contingent liabilities . changes in these estimates related to judgments and assumptions will occur as a result of changes in facts and circumstances or discovery of new information , and , accordingly , actual results could differ from amounts estimated . on a regular basis we evaluate our estimates , judgments and assumptions . we also discuss our critical accounting policies and estimates with the audit committee of the board of directors . certain accounting estimates are considered to be critical if ( a ) the nature of the estimates and assumptions is material due to the level of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to changes ; and ( b ) the impact of the estimates and assumptions on financial condition or operating performance is material . the areas of accounting and the associated critical estimates and assumptions made are discussed below . 44 full cost method of accounting , proved reserves , dd & a and impairment of oil and gas properties we follow the full cost method of accounting for our oil and natural gas properties in accordance with sec regulation s-x rule 4-10 , as described in note 2 to the consolidated financial statements , significant accounting policies , in item 8 . “ financial statements and supplementary data ” . under the full cost method of accounting , all costs incurred in the acquisition , exploration and development of properties are capitalized , including internal costs directly attributable to these activities . the sum of net capitalized costs , including estimated asset retirement obligations ( `` aro `` ) , and estimated future development costs to be incurred in developing proved reserves are depleted using the unit-of-production method . companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation . the ceiling test limits pooled costs to the aggregate of the discounted estimated after-tax future net revenues from proved oil and gas properties , plus the lower of cost or estimated fair value of unproved properties less any associated tax

liquidity and capital resources replace_table_token_30_th 41 we believe that our capital resources , including cash on hand , cash generated from operations and available capacity on our credit facility , will provide us with sufficient liquidity to meet our strategic objectives and planned capital program for 2020 , given current oil price trends and production levels . in accordance with our investment policy , available cash balances are held in our primary cash management banks or may be invested in u.s. or canadian government-backed federal , provincial or state securities or other money market instruments with high credit ratings and short-term liquidity . we believe that our current financial position provides us the flexibility to respond to both internal growth opportunities and those available through acquisitions . on may 20 , 2019 , we issued $ 300.0 million of 7.75 % senior notes . the 7.75 % senior notes are fully and unconditionally guaranteed by certain of our subsidiaries that guarantee our revolving credit facility . net proceeds from the issue of the 7.75 % senior notes were $ 289.3 million , after deducting the initial purchasers ' discounts and commission and the offering expenses payable by us . the 7.75 % senior notes bear interest at a rate of 7.75 % per year , payable semi-annually in arrears on may 23 and november 23of each year , beginning on november 23 , 2019 .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources replace_table_token_30_th 41 we believe that our capital resources , including cash on hand , cash generated from operations and available capacity on our credit facility , will provide us with sufficient liquidity to meet our strategic objectives and planned capital program for 2020 , given current oil price trends and production levels . in accordance with our investment policy , available cash balances are held in our primary cash management banks or may be invested in u.s. or canadian government-backed federal , provincial or state securities or other money market instruments with high credit ratings and short-term liquidity . we believe that our current financial position provides us the flexibility to respond to both internal growth opportunities and those available through acquisitions . on may 20 , 2019 , we issued $ 300.0 million of 7.75 % senior notes . the 7.75 % senior notes are fully and unconditionally guaranteed by certain of our subsidiaries that guarantee our revolving credit facility . net proceeds from the issue of the 7.75 % senior notes were $ 289.3 million , after deducting the initial purchasers ' discounts and commission and the offering expenses payable by us . the 7.75 % senior notes bear interest at a rate of 7.75 % per year , payable semi-annually in arrears on may 23 and november 23of each year , beginning on november 23 , 2019 .
```    
 Suspicious Activity Report : boe for 2019 were $ 13.36 , 26 % higher compared with 2018 primarily as a result of higher power generation and rental costs . with the commissioning of the production facilities and the gas to power project in acordionero both total and per boe operating costs are expected to decrease in 2020. workover expenses per boe for 2019 increased by 18 % to $ 3.87 compared with 2018 primarily as a result of higher frequency of esp failures during 2019 due to power outages . with the commissioning of the gas- to-power project which has resulted in more reliable power , we are expecting lower workover costs in 2020. quality and transportation discounts per boe for 2019 was $ 10.48 compared to $ 13.16 in 2018 . the decrease was due to renegotiation of certain sales contracts which had lower quality and transportation discounts compared to the sales contracts used for in 2018 transportation expenses per boe for 2019 decrease d by 31 % to $ 1.92 compared with 2018 , due to a higher percentage of volumes being sold at wellhead where transportation is netted against sales price general and administrative ( `` g & a `` ) expenses before stock-based compensation per boe for 2019 increase d by 5 % to $ 3.13 per boe compared to 2018 on may 20 , 2019 , we issued $ 300.0 million of 7.75 % senior notes due 2027 ( “ 7.75 % senior notes ” ) we purchased and canceled $ 114,999,000 aggregate principal amount of 5.00 % convertible senior notes due 2021 ( “ convertible notes ” ) in november , 2019 , we extended the maturity of our credit facility to november 10 , 2022 environmental , social and governance highlights : in 2019 , we achieved our best safety record in terms of lost time injuries ( 'lti `` ) and total recordable injuries ; our 2019 lti ratio of 0.02 was 80 % below the industry average for latin american exploration and production companies , which was reported by the international association of oil and gas producers in 2019 in partnership with the international non-governmental organization conservation international , we committed to reforesting 1,000 hectares of land and securing and maintaining 18,000 hectares of forest through the naturamazonas project in the putumayo basin ; our total naturamazonas investment in the andes-amazon rainforest corridor through this project is forecasted to be $ 13 million we planted a total of 560,112 trees and have conserved , preserved or reforested 1,367 hectares of land through all of our environmental efforts for the last 4 years , we have voluntarily released an assessment of our greenhouse gas ( `` ghg `` ) emissions we are reducing ghg emissions at our facilities through gas-to-power projects by converting excess natural gas , that would otherwise be flared , and using it instead for power generation ; in 2019 , we completed a gas-to-power project at the acordionero field , ours single biggest producing asset ; previously , gas-to-power projects were completed at the moqueta field in 2018 and the costayaco field in 2017 we are working to eliminate all routine flaring in our operations we are undertaking the naturamazonas project over the course of seven years , commencing in 2017. this project alone is expected to sequester approximately 8.7 million tons of co 2 over its lifetime we have created almost 16,000 local labor opportunities over the past 3 years 30 replace_table_token_11_th replace_table_token_12_th ( 1 ) non-gaap measures operating netback , ebitda , funds flow from operations are non-gaap measures which do not have any standardized meaning prescribed under gaap . management views these measures as financial performance measures . investors are cautioned that these measures should not be construed as alternatives to net income or loss or other measures of financial performance as determined in accordance with gaap . our method of calculating these measures may differ from 31 other companies and , accordingly , may not be comparable to similar measures used by other companies . each non-gaap financial measure is presented along with the corresponding gaap measure so as not to imply that more emphasis should be placed on the non-gaap measure . operating netback , as presented , is defined as oil and natural gas sales less operating , workover and transportation expenses . management believes that operating netback is a useful supplemental measure for management and investors to analyze financial performance and provides an indication of the results generated by our principal business activities prior to the consideration of other income and expenses . a reconciliation from oil and natural gas sales to operating netback is provided in the table above . ebitda , as presented , is defined as net income or loss adjusted for depletion , depreciation and accretion ( `` dd & a `` ) expenses , interest expense and income tax expense . adjusted ebitda , as presented is defined as ebitda adjusted for loss on redemption of convertible notes , investment gains or losses , loss on sale of business units and asset impairment . management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income , and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results . a reconciliation from net income to ebitda and adjusted ebitda is as follows : replace_table_token_13_th funds flow from operations , as presented , is defined as net income or loss adjusted for dd & a expenses , asset impairment , deferred tax expense , stock-based compensation expense , amortization of debt issuance costs , non-cash lease expense , lease payments , cash settlement of rsus , unrealized foreign exchange gains or losses , financial instruments gains or losses , cash settlement of financial instruments and loss on redemption of convertible notes . story_separator_special_tag story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > at december 31 , 2019 , 92 % of our cash and cash equivalents were held by subsidiaries outside of canada and the united states . derivative positions at december 31 , 2019 , we had outstanding commodity price derivative positions as follows : period and type of instrument volume , bopd reference purchased put ( $ /bbl , weighted average ) sold call ( $ /bbl , weighted average ) premium ( $ /bbl , weighted average ) collars : january 1 , to june 30 , 2020 6,000 ice brent 55.00 69.05 n/a a collar limits the range of possible positive and negative returns and provides us downside protection at a lower cost compared to a protective swap . at december 31 , 2019 and subsequent to , we had outstanding foreign currency derivative positions as follows : 42 period and type of instrument amount hedged ( millions cop ) u.s. dollar equivalent of amount hedged ( thousands of u.s. dollars ) ( 1 ) reference floor price ( cop , weighted average ) cap price ( cop , weighted average ) collars : january 1 , to december 31 , 2020 134,500 40,994 cop 3,305 3,423 cash flows the following table presents our sources and uses of cash and cash equivalents for the periods presented : replace_table_token_31_th ( 1 ) funds flow from operations is a non-gaap measure which does not have any standardized meaning prescribed under gaap . refer to “ financial and operating highlights - non-gaap measures ” for a definition and reconciliation of this measure . 43 off-balance sheet arrangements as at december 31 , 2019 and 2018 , we had no off-balance sheet arrangements . contractual obligations the following is a schedule by year of purchase obligations , future minimum payments for firm agreements and leases that have initial or remaining non-cancelable terms in excess of one year as of december 31 , 2019 : replace_table_token_32_th ( 1 ) interest payments were calculated by assuming that our revolving credit facility outstanding balance at december 31 , 2019 of $ 118 million will be outstanding through the november 2022 maturity date and our 6.25 % senior notes and 7.75 % senior notes will be held until their maturity dates of february 2025 and may 2027 , respectively . actual results will differ from these estimates and assumptions . at december 31 , 2019 , we had provided promissory notes totaling $ 120.6 million to support letters of credit or surety bonds relating to work commitment guarantees contained in exploration contracts and other capital or operating requirements . these unsecured letters of credit do not utilize our revolving credit facility capacity because they are backed by local colombian banks and export development canada . the above table does not reflect estimated amounts expected to be incurred in the future associated with the abandonment of our oil and gas properties and other long-term liabilities , as we can not determine with accuracy the timing of such payments . information regarding our asset retirement obligation can be found in note 8 to the consolidated financial statements , asset retirement obligation , in item 8 . “ financial statements and supplementary data ” . as is customary in the oil and gas industry , we may at times have commitments in place to reserve or earn certain acreage positions or wells . if we do not meet such commitments , the acreage positions or wells may be lost and associated penalties may be payable . critical accounting policies and estimates the preparation of financial statements under gaap requires management to make estimates , judgments and assumptions that affect the reported amounts of assets and liabilities as well as the revenues and expenses reported and disclosure of contingent liabilities . changes in these estimates related to judgments and assumptions will occur as a result of changes in facts and circumstances or discovery of new information , and , accordingly , actual results could differ from amounts estimated . on a regular basis we evaluate our estimates , judgments and assumptions . we also discuss our critical accounting policies and estimates with the audit committee of the board of directors . certain accounting estimates are considered to be critical if ( a ) the nature of the estimates and assumptions is material due to the level of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to changes ; and ( b ) the impact of the estimates and assumptions on financial condition or operating performance is material . the areas of accounting and the associated critical estimates and assumptions made are discussed below . 44 full cost method of accounting , proved reserves , dd & a and impairment of oil and gas properties we follow the full cost method of accounting for our oil and natural gas properties in accordance with sec regulation s-x rule 4-10 , as described in note 2 to the consolidated financial statements , significant accounting policies , in item 8 . “ financial statements and supplementary data ” . under the full cost method of accounting , all costs incurred in the acquisition , exploration and development of properties are capitalized , including internal costs directly attributable to these activities . the sum of net capitalized costs , including estimated asset retirement obligations ( `` aro `` ) , and estimated future development costs to be incurred in developing proved reserves are depleted using the unit-of-production method . companies that use the full cost method of accounting for oil and natural gas exploration and development activities are required to perform a ceiling test calculation . the ceiling test limits pooled costs to the aggregate of the discounted estimated after-tax future net revenues from proved oil and gas properties , plus the lower of cost or estimated fair value of unproved properties less any associated tax

