STRATEGY. A high-grading asset base, successful execution of business plan, testing future growth catalysts, and financial strength. LEADING EAGLEFORD SHALE. We raised EUR to Bcfe per well in Gates Ranch area,*identified 10-15 years of project inventory, established four new producing areas outside Gates Ranch.*Estimated ultimate recovery based on 850-feet well spacing  NEW STANDARDS. We doubled proved reserves, increased production by 20% with more than half from liquids, grew project inventory by 46%, and		   improved Cash margin performance by 47%.

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