During 2013 our capital expenditures of $480.9 million increased by $132.7 million as compared to 2012 capital expenditures of $348.2 million due primarily to the acquisitions of oil and gas properties we made in 2013. In 2012, our capital expenditures of $348.2 million decreased by $346.0 million as compared to 2011 capital expenditures of $694.2 million, mainly due to the lower spending on acquisitions of oil and gas properties in 2011 and lower natural gas directed drilling activity. During 2013 we also reduced our debt outstanding by $530.0 million through the early extinguishment of our 8$^{3}$/$_{8}$% senior notes and a reduction in the amounts outstanding under our bank credit facility, primarily using funds generated from the sale of our West Texas properties. Our capital expenditure activity related to our continuing operations is summarized in the following table: Year Ended December 31, 2011 2012 2013 (In thousands) Exploration and development: Acquisitions of proved oil and gas properties ............... $ 16,879 $ — $ 6,450 Acquisitions of unproved oil and gas properties ............. 103,945 13,742 130,113 Developmental leasehold costs .......................... 798 2,157 461 Development drilling .................................. 483,816 321,924 338,030 Exploratory drilling ................................... 82,028 5,317 — Workovers and recompletions ........................... 6,516 3,728 5,559 693,982 346,868 (1) 480,613 (2) Other ................................................. 225 1,311 260 Total ................................................. $694,207 $348,179 (1) $480,873 (2) (1) Excludes reimbursements from joint venture partner for preformation well costs of $23.8 million in 2012. (2) Net of reimbursements received from joint venture partner of $51.5 million in 2013. The timing of most of our capital expenditures is discretionary because we have no material long- term capital expenditure commitments except for contracted drilling and completion services. Consequently, we have a significant degree of flexibility to adjust the level of our capital expenditures as circumstances warrant. We currently expect to spend approximately $478.0 million in 2014 for development and exploration projects and lease acquisitions, which will be funded primarily by cash flows from operating activities and borrowings under our bank credit facility. Our operating cash flow and, therefore, our capital expenditures are highly dependent on oil and natural gas prices that we realize in 2014. We do not have a specific acquisition budget for 2014 because the timing and size of acquisitions are unpredictable. We intend to use borrowings under our bank credit facility, or other debt or equity financings to the extent available, to finance such acquisitions. The availability and attractiveness of these sources of financing will depend upon a number of factors, some of which will relate to our financial condition and performance and some of which will be beyond our control, such as prevailing interest rates, oil and natural gas prices and other market conditions. Lack of access to the debt or equity markets due to general economic conditions could impede our ability to complete acquisitions. We have a $1.0 billion bank credit facility with Bank of Montreal, as the administrative agent. The bank credit facility is a five-year revolving credit commitment that matures on November 22, 2018. Indebtedness under the bank credit facility is secured by all of our assets and is guaranteed by all of our wholly owned subsidiaries. The bank credit facility is subject to borrowing base availability, which is redetermined semiannually based on the banks’ estimates of the future net cash flows of our oil and gas properties. As of December 31, 2013, the borrowing base was $625.0 million, of which $415.0 million was available. The borrowing base may be affected by the performance of our properties and changes in 53