So with that, let me turn the cal over to Hal.
Thank you, Greg. Welcome, everyone, and thank you for joining us today to discuss our fourth quarter and full-year results.
The Partnership’s had an exceptional year operating our existing properties with great success and growing our asset base with two strategic acquisitions. Our operations team did an excellent job managing our assets and optimizing operations throughout the year. Fourth quarter 2011 production of approximately 2.1 million BOE and full-year production of just over 7 million BOE were both record highs for the Partnership.
The acquisitions of the Greasewood Field and the Green River Basin assets added high quality complimentary assets to our portfolio. With them, we significantly expanded our presence in Wyoming, levered our strong operating and technical teams in the region and added several hundred future drilling locations.
The Partnership increased it’s crude reserves by 32.2 million BOE to 151.1 million BOE, representing a 27% increase from 118.9 million BOE at year-end 2010. Our reserve replacement from all sources was exceptional totalling 558% from 2011 production.
The Partnership also had very strong financial results. Fourth quarter 2011 adjusted EBITDA was a record quarterly high of $64.4 million and full-year 2011 adjusted EBITDA was approximately $225 million.
We’re pleased to announce the Q4 distribution of $0.45 per unit or $1.80 per unit on an annualized basis, which was paid in February. This represents seven consecutive quarters of distribution increases and a 9% increase in distributions over the course of the past year.
Overall, 2011 was a great year for the Partnership and we’re very well positioned for 2012 financially and operationally. Our capital budget for 2012 is $68 million. As you know, we’re fortunate to have a balance portfolio of all our gas-producing assets. We’ll be focusing our spending on oil-producing assets with approximately 95% of our capital spending allocated to oil-producing projects.
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