2015 Annual Report

Our current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale in South Texas, the Delaware Basin in West Texas, the Niobrara Formation in Colorado, the Utica Shale in Ohio, and the Marcellus Shale in Pennsylvania.

We have grown our production and reserves over the last 10-plus years by focusing on horizontal drilling and completion in unconventional resource plays. We are an industry leader in horizontal development drilling, having drilled and completed more than 800 extended-reach horizontal wells in approximately 15 different resource plays. The highly predictable nature of our drilling inventory provides us with a great deal of precision, as we can quickly and effectively adjust our activity in response to changes in commodity prices.

Crude oil plays are expected to be the driver of our future production and revenue growth. As of February 19, 2016, we had accumulated approximately 84,000 net acres in the Eagle Ford Shale, 22,000 net acres in the Delaware Basin, 33,600 net acres in the Niobrara Formation, and 27,300 net acres in the Utica Shale. We currently have a drilling inventory of more than 1,800 net locations across our positions, with over 50% of these being economical below $40/Bbl. This provides us with a solid foundation from which to generate long-term growth in our reserves and production.