Petroleum Development Corporation announced production results for the year of 2011. For the year, the company had total 2011 production, including the Permian Basin, increased 26% from 2010 production to 47.5 Bcfe compared to PDC's guidance of 46.5 Bcfe. The daily exit rate for net production on December 31, 2011, including the Permian Basin, was 146 million cubic feet equivalent, which was comprised of 62% natural gas, 27% crude oil and 11% NGLs. The company drilled 200 gross wells in 2011, compared to 213 gross wells in 2010. The company's 2011 operating focus was primarily in the Wattenberg Field where PDC drilled 17 horizontal Niobrara wells, 80 vertical wells, 190 refrac/recomplete projects, and participated in 49 non-operated drilling projects. The company have a capital budget for 2012, as previously announced, has been approved for approximately $284 million, including $198 million of development capital and $86 million for acquisitions, leasehold, exploration and other expenditures.