This conference call is being recorded and will also be available on our website at www.whiting.com. To access the call and the webcast, please click on the Investor Relations box on the menu and then click on the webcasts link.
Please note the forward-looking statements, non-GAAP measures, and reserve and resource information on slide one. Please take note that our Form 10-K for the 12 months ended December 31, 2011 is expected to be filed later today. Reconciliations of non-GAAP measures we refer to and the applicable GAAP measures can be found in our earnings release and in our webcast slides.
With that, I'll turn the call over to Jim Volker.
James J. VolkerThanks Eric, and good morning everyone. Thanks for joining our fourth quarter and full year 2011 conference call. To begin in our slides please note slide 2 which summarizes our current key statistics for the company. Slide 3, is a breakdown of our production by region. Note our January 2012 averaged production rate of 76,000 BOE per day increased by over 5000 BOE per day or 8% versus fourth quarter 2011 average daily production. We have increased our 2012 production guidance to a range of 14% to 20%. Slide number 4, breaks down our proved reserves, which increased 13% year-on-year to $245 million BOEs, we replaced 274% of our 2011 production. And we did this while remaining oil weighted with 86% of our reserves oil and while maintaining a low PUD percentage of only 31%. Slide number 5, provides a breakdown of our proved reserves by region and the associated PV10 value at SEC 2011 pricing. As you can see, our total proved PV10 value has risen to $7.4 billion. Slide number 6, shows our probable and possible reserves and PV10 values. These are also based on independent engineering. We are one of the few companies that provide this information and have it independently engineered.