During today's call, we will be making forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those projected in these forward-looking statements. Additional information concerning risk factors, which could cause such differences is detailed in the company's filings with the SEC.I will now turn the call over to Glenn Darden. Glenn M. Darden Thank you, John. Good morning. I would like to lead in this morning with an introduction before we dive into more detail on recent company transactions and activity. Quicksilver is continuing to follow the unconventional resource path we started down 20 years ago in Michigan where we were one of the early pioneers of shale resource development. Since that time, Quicksilver has successfully found and developed large-scale commercial projects in 5 separate basins across North America, and we believe we are poised to increase that to 7 basins in the near future. In every case, the company has followed the same strategy, which is outlined on Slide 4 of this morning's presentation. We start with early entry with large acreage positions at lower costs per acre and lower royalties. We next move to resource assessment wells and then to validation wells to determine the size and commerciality of the projects. We then build infrastructure to ensure lower gathering processing, transportation and operational costs, and finally, we go to full development. As I said, we've used this successful strategy in multiple basins. Historically, the company has monetized assets as they mature to reload for future projects. Examples of these monetizations are the sale of our Michigan and Indiana assets to BreitBurn Energy Partners for roughly $1.3 billion, and the sale of our Barnett midstream entity, Quicksilver Gas Services or KGS to Crestwood for roughly $1 billion in cash and assumed debt. Both of these assets bases were sold as they near full maturity in their respective areas.
Currently, Quicksilver has the largest inventory of projects in company history. I direct your attention to Slide #5, which shows our current inventory of projects along a maturity curve versus time. As you can see, each of our projects is at a different level of maturity with West Texas being the newest and Horseshoe Canyon being the most mature. We recognize with our debt position that selling assets is important to reduce overall debt in order to free up more cash flow for growth. For this reason, we have chosen to monetize Quicksilver's Barnett position. We are entering our ninth year of activity in the Barnett and while still some distance from the full maturity, the Barnett is of a size that can meaningfully reduce this debt.The company has chosen to do this in the form of a master limited partnership, which we believe will realize the best value for Quicksilver shareholders. After studying the asset sale versus public yield vehicle markets, we believe the company will be -- will receive a better price for the assets and we'll still have ownership in the growth of the Barnett unbooked resource of over 1 trillion cubic feet of gas equivalent and also participate in the gas price recovery over time by forming a master limited partnership. In our earnings call on November 7, 2011, we targeted the filing of the S-1 registration with the SEC by the year end. The timing of this has lagged by about 30 days, but we should be filed relatively soon. Quicksilver has experienced -- has experience in running this type of entity and we have a very efficient operational team that will continue to harvest this asset over the long term. Read the rest of this transcript for free on seekingalpha.com