Even more important is the continued concentration on oil. We replaced 168% of our oil produced for the year, all percentages increased every year since the company was founded and made a leap last year to 71% of our proved reserves. That only focus continues to drive our PV-10, which jumped nearly $1 billion to $4.3 billion on proved reserves alone. The end result is that our proved-only SEC PV-10 value significantly above our total market capitalization. Kevin, by the way, adjusted for net debt, the proved-only PV-10 at $39 a share. As we've shown, we have a good tract record in efficiently converting probables and possibles to proved. We have repeatedly demonstrated in the 6-year history of our company that the unbooked upside of our core properties is real.We sure will spend the bulk of our capital to continue to develop our properties while spending approximately 15% on some key exploration wells that can move the reserve real meaningfully. Another subtle change of focus for our activity is our efforts to increase recovery from our existing producing reservoirs using horizontal wells and pressure support. Then we'll expand on this more as we discuss the fiscal 2013 plan in a few minutes. But first, I'd like to have West review some of the highlights from the last quarter end of fiscal year.
Energy XXI (Bermuda) Limited Management Discusses Q4 2012 Results - Earnings Call Transcript
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