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After their formal remarks, the call will be opened up for questions from securities analysts and institutional investors.Let me just remind you that today’s conference call contains projects, guidance and other forward-looking statements within the meaning of the Federal Securities law. All statements, other than statements of historical fact, that address future activities and outcomes, are forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in such statements. These forward-looking statements are our best estimates today and are based upon our current expectations and assumptions about future developments, many of which are beyond our control. Actual conditions and those assumptions may and probably will change from those we project over the course of the year. A detailed discussion of many of these uncertainties set forth from the cautionary statement relative to forward-looking information section of today’s release and under the heading Risk Factors Incorporated by Reference from our annual report on Form 10-K currently on file for the year ended December 31, 2010 and for the year ended December 31, 2011 which will be filed tomorrow. And our quarterly reports on Form 10-Q, our current reports on Form 8-K and our other filings with the Securities and Exchange Commission. Except where legally required, the Partnership undertakes no obligation to update publically any forward-looking statements to reflect new information for changing events. Additionally, during the course of today’s discussion, management will refer to adjusted EBITDA, which is a non-GAAP financial measure when discussing the Partnership’s financial results. Adjusted EBITDA is reconciled to it’s most directly comparable GAAP measure in the earnings press release made earlier this morning and posted on the Partnership’s website. This non-GAAP financial measure should not be considered an alternate to GAAP measures such as net income, operating income, cash flow from operating activities or any other GAAP measure of liquidity or financial performance. Adjusted EBITDA is presented as management believes it provides additional information relative to the performance of the Partnership’s business. This non-GAAP financial measure may not be comparable to similarly titled measures of other publically traded partnerships or limited liability companies because all companies may not calculate adjusted EBITDA in the same manner.
So with that, let me turn the cal over to Hal.Hal Washburn 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. Read the rest of this transcript for free on seekingalpha.com