In the oil window, we’re encouraged by the oil flows or tests from five wells. EnerVest has completed one well in Guernsey County and one in Stark County, about which Ron will discuss in just a few minutes. Both wells will be shut-in for a minimum of 30 to 60 days to dissipate the pads. And this is a procedure that we and Chesapeake are following and the results of these shut-ins in this dissipation process has proven to be significantly better – particularly in NGL wells, and we believe it will help in the oil window too.
We’ve hired Jefferies & Company to act as our advisor on the Utica monetization process and will formally launch the process by the end of the second quarter with a data room for our operated acreage opening in early July and we’re going to follow this with a data room for the outside operated leases opening about 30 to 45 days later.
Many companies have met with us informally, and some several times, and have expressed an interest in our large Utica position, particularly in the core of the NGL and oil windows. And so we’re encouraged by the interests that we’re seeing, and we are awaiting more information on the oil window before we open our data rooms in early July.
Now I’d like to turn over the discussion to Mike Mercer for our financial performance in the first quarter.Mike MercerThank you, John. For the first quarter of the year, adjusted EBITDA was $64.5 million, which is a 27% increase over the first quarter of 2011 and an 18% sequentially increase over the fourth quarter of last year. This is primarily due to the acquisitions that we completed and closed in the fourth quarter of 2011.Read the rest of this transcript for free on seekingalpha.com
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