The Company places a strong emphasis on organic growth through active horizontal drilling programs. PDC's operations include exploration, development, production and marketing of natural gas and oil. Total 2011 net production for the Company consisted of 65% natural gas, most of which is derived from the Colorado region, and 35% crude oil and NGLs. As of year-end 2011, the Company owned an interest in approximately 6,400 gross productive wells with proved reserves of 1,015 Bcfe. PDC has a large inventory of predictable, low-cost drill sites that offer significant development potential and long-term growth opportunities.