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A detailed discussion of many of these uncertainties are set forth in 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, 2011, and in our quarterly reports on From 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 publicly any forward-looking statements to reflect new information or 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 its 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 as an alternate to GAAP measures such as net income, operating income or cash flow from operating activities or any other GAAP measure of liquidity or financial performance. Adjusted EBITDA is presented because 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 publicly traded partnership's or limited liability companies, because all companies may not calculate adjusted EBITDA in the same manner. 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 second quarter of 2012. We had a strong second quarter marked by consistent operating and financial performance, sequential distribution growth and the successful closing of three acquisitions. Based on our ongoing review of our legacy and new acquired assets, we are announcing today a substantial increase in our capital program for the remainder of 2012, as well as updating our second half 2012 guidance.
Let me start by discussing a few key quarterly highlights. During the second quarter we produced 1.953 million Boe of oil and natural gas, which is up 18% from the second quarter of 2011, and generated $66.3 million of adjusted EBITDA, which represents a 28% increase from the second quarter of 2011 and a quarterly record for the Partnership. These results reflect the quality of our underlying assets, our ongoing focus on efficient operations and the success of our growth through acquisition strategy.Turning to our distributions, we're pleased to have announced the second quarter distribution of $0.46 per unit or $1.84 on an annualized basis. This represents a 9% increase from second quarter 2011 distributions. Further, this marks our ninth consecutive quarterly distribution increase. I'd like to talk briefly about our three most recent acquisitions that we announced during the second quarter. On June 28, 2012, we completed the bolt-on acquisition of oil properties located in Park County in the Big Horn Basin of Wyoming from NiMin for approximately $93 million, subject to customary post-closing adjustments. On July 2, 2012, we completed two separate acquisitions of oil and natural gas properties located in Permian Basin in Texas from Element and CrownRock for approximately $150 million and $70 million, respectively, also subject to customary post-closing adjustments. The acquired assets, characterized by long-live reserves with significant original oil in place and a large number of potential drilling locations are excellent additions to our portfolio. The representative of the type of assets we are actively targeting for the balance of 2012 and beyond. In conjunction with the acquisitions and consistent with our hedging strategy, we entered into very attractive hedge positions, which we will discuss in more detail later. As part of acquisition integration and given the continued positive drilling results from our legacy assets, I am very pleased to announce that we are substantially increasing the size and scope of our 2012 capital program for the second time this year. Read the rest of this transcript for free on seekingalpha.com