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The Wolfcamp Shale is located in the Permian Basin, which has produced more than 29 billion barrels of oil and 75 Tcf of gas over the past 90 years.

In 2009 and 2010, we leased 138,130 net acres on the University of Texas Land System in the Wolfcamp Shale, located primarily in Reagan, Crockett, Upton, and Irion counties. Our large, contiguous acreage positions are characterized by stacked pay zones, including the Wolfcamp A, B, and C, which combine for over 750 feet of net thickness. The acreage is also prospective for the Cline Shale, which has about 100 feet of net thickness, and potential vertical drilling locations in the Spraberry and other stacked formations.

In April of 2014, we announced the acquisition of approximately 37,000 net acres of producing properties and undeveloped acreage in the Southern Midland Basin adjacent to our existing Wolfcamp Shale position. The acquisition represents an approximate 25 percent expansion of our current Wolfcamp acreage. The properties we’re acquiring are 100 percent operated with current net production of about 1,300 barrels of oil equivalents per day, 75 percent of which is liquids. The acquisition will add 475 gross identified horizontal drilling locations to the 3,400 future drilling locations already in our Wolfcamp inventory.