On Slide 8, it shows our core operating areas, and many of you are familiar with this but just to recap, of that 2.05 Tcf equivalent, 98% are Mid-Continent and Permian reserves, and fully 89% of our production are Mid-Continent and Permian. So those are the engines.On Slide 9, it shows us graphically. Slide 9 shows our proved reserves as they've increased in the last few years. We have a very solid reserve base. As Paul said, our investments have pulled us towards liquids-rich areas. That's in part tactical, a little strategic, but it's mostly driven by the invisible hand of the disconnect between gas and oil prices, and we are just in a very nice position with one of the best Permian assets amongst our peers, and we can emphasize that oil production by simply shifting our weight. As you can see in 2011, we ended the year 41% liquids; 59% gas, that's a nice healthy growth; compound annual growth rate of 54% of liquids growth, and we ended the year with 82% proved developed reserves, 18% proved undeveloped.
Cimarex Energy's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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