Turning to the second quarter, as you saw on this morning's press release, we continue to execute well in 2012. We have grown in reserves, grow production, lower in cost and most importantly, creating value for our shareholders. Our tertiary production increased by 6% sequentially as a result of growth from our fields at Hastings and Oyster Bayou and also Tinsley and Heidelberg. Craig will give you much more color on that here in a minute.Based on the strong tertiary response today at Hastings, we're able to book initial proved tertiary reserves in this field a bit earlier than we originally had expected. We added about 43 million barrels of oil reserves at Hastings with a PV-10 Value of over $1 billion, and that's using SEC pricing of approximately $95 oil. By itself, that's an incremental value of between $2.50 and $3 per share.
Denbury Resources Management Discusses Q2 2012 Results - Earnings Call Transcript
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