For the year, after deducting all of our $71.6 million of development capital expenditures, we generated approximately $108 million or $2.46 per unit of distributable cash flow, covering our 216 distribution by 1.14 times. We continue to be encouraged by the results of our Wolfberry drilling program, which are meeting or exceeding our expectations. While our Wolfberry program will remain the focus of our operated drilling activity in 2012, our $62 million capital budget also includes two operated horizontal Bone Spring wells and two operated Yeso wells. With the multi-year oil-weighted drilling inventory that's largely within the Permian and our strong acquisition efforts, we believe we are well-positioned for the future and look forward to another highly productive year in 2012.I'll now turn it back over to Steve to cover the fourth quarter and annual 2011 results in detail. Thanks Steve.
Legacy Reserves LP's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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