Founded in 1950, we are an independent oil and natural gas company focused on growing production and reserves from our oil-weighted multi-play, multi-pay assets in the Permian Basin.
In 2014, we built upon our success as a pure-play, premier operator within the Permian Basin region in Texas. We have a seasoned technical and operational teams with extensive experience in the Permian Basin to manage and progress our growth plan.
We operate nearly 100% of our Permian acreage, which provides additional flexibility to modify our development plans based on a continuously changing environment and commodity prices. Our current acreage position in the Basin provides visible growth potential from our 40-year inventory of horizontal drilling locations from nine distinct zones (or a 20-year inventory limited only to the four currently producing zones), based on our current two-rig horizontal drilling program.
We exited 2014 with Permian production of nearly 7,300 Boepd (79%+ oil) in the fourth quarter, a 145% increase over our fourth quarter exit rate in 2013, and we anticipate continued growth in 2015 and future years. Importantly, our early transition to a horizontal development program, which was expanded from three productive zones in 2013 to four zones in 2014, adding the Lower Spraberry to the already producing Wolfcamp A and two procuding zones from the Wolfcamp B, continues to improve our overall capital efficiency and is driving substantial increases in our proven reserve base.