Operations

We entered the Permian Basin in 2009 with the acquisition of approximately 8,800 net acres for $16 million. Through focused execution of our acquisition and leasing strategy, we have more the doubled our footprint to nearly 19,000 net acres in the core of the Midland Basin. This acreage position provides visible growth potential from our significant, multi-year inventory of more than 1,000 horizontal drilling locations from nine distinct zones or nearly 650 horizontal drilling locations limited only to our five currently producing zones. Importantly, 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.