Operator: Good day, ladies and gentlemen, and welcome to the Laredo Petroleum Holdings, Inc. Fourth Quarter and Full Year 2012 Earnings Conference Call. My name is Sue and I'll be your operator for today. At this time, all participants are in a listen-only mode. We will be conducting a question-and-answer session after the financial and operations report. As a reminder, this conference is being recorded for replay purposes.
It is now my pleasure to introduce Mr. Rick Buterbaugh, Executive Vice President and Chief Financial Officer. You may proceed, sir.
Richard C. Buterbaugh - EVP and CFO: Thank you, Sue, and good morning. Joining me today are Randy Foutch, Chairman and Chief Executive Officer; Jerry Schuyler, President and Chief Operating Officer; Pat Curth, Senior Vice President for Exploration and Land; John Minton, Senior Vice President of Reservoir Engineering; and Dan Schooley, Vice President of Marketing as well as additional members of our management team.
Before we begin this morning, let me remind you that during today's call we will be making forward-looking statements. These statements including those describing our beliefs, goals, expectations, forecasts, and assumptions are intended to be covered by the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results may differ from these forward-looking statements for a variety of reasons, many of which are beyond our control. Additional information concerning certain risks and uncertainties relating to our business, prospects and results are available in the Company's filings with the SEC.
In addition, we will be making reference to adjusted net income and adjusted EBITDA which are non-GAAP financial measures. Reconciliations of GAAP net income to these non-GAAP financial measures are included in today's news release.
Also, as a reminder, Laredo reports operating and financial results including reserves and production on a two-stream basis, which accurately portrays our ownership in the oil and natural gas produced. Therefore the value of the natural gas liquids is included in the natural gas stream and pricing, not as part of our oil and condensate or included in a combined liquids total. If reported on a three-stream basis, Laredo's barrel of equivalent volumes for reserves and production including initial production rates would increase by approximately 20% which you should keep in mind when comparing to other companies that report on a three-stream basis. Similarly, Laredo's unit cost metrics will appear higher when compared to companies that report on a three-stream basis. However, the true economic value is the same.
Earlier today, the Company issued a news release detailing the financial and operating results for the fourth quarter and full year of 2012. If you do not have a copy of this news release, you may access it on the Company's website at www.laredopetro.com.
I'll now turn the call over to Randy Foutch, Chairman and Chief Executive Officer.
Randy A. Foutch - Chairman and CEO: Thanks Rick, and good morning, everyone. I'm very proud of our team's accomplishments in 2012 which resulted in growth of both our reserves and production to record levels. We also made significant progress in quantifying the value opportunity from our Permian Basin acreage position. In our core Garden City area, which now encompasses nearly 146,000 net acres. Delineation drilling during 2012 has now confirmed the horizontal development capability from four stacked shale zone, and we have already de-risked and confirmed the equivalent of 360,000 net acres for horizontal development from these zones. We still have the equivalent of approximate 224,000 net acres to de-risk in the future.