Business Strategy Our business strategy is to create significant value for our stockholders by growing reserves, production volumes and cash flow through a combination of efficient development of our properties and strategic acquisitions. Key elements of our business strategy include: Focus on Substantial Inventory in Core Unconventional Resource Plays —We intend to continue to focus on the development and expansion of our core areas of operation in the Marcellus Shale, the Utica Shale, the Eagle Ford Shale and the Bakken Shale/Three Forks/Sanish formations. As of February 27, 2012, the Company had over 489,757 gross acres (170,426 net acres) and approximately 4,100 identified drilling locations in these core areas. With improvements in drilling and completion technologies over the past five years, the development of unconventional resources in these areas has become economic. We believe that these areas represent the potential for the best return on invested capital for our stockholders. Strategic Acquisitions in Core Areas —The Company intends to continue to opportunistically acquire additional acreage and reserves in our core areas. In the past year, we significantly expanded our positions in the Williston Basin, Marcellus Shale, Eagle Ford Shale and southern Appalachian Basin through several acquisitions, representing over $590 million in total transaction value. We also recently expanded our leasehold position in the Utica Shale in Ohio. We believe that our acquisition and operational track record, as well as our extensive industry relationships, will provide for continued growth opportunities through strategic acquisitions in our core areas. Focus on Development of Oil and Liquids Rich Resources —We plan to focus our development and acquisition efforts primarily on oil and liquids rich projects, including (i) oil reserves in the Williston Basin (Bakken Shale/Three Forks/Sanish formations), (ii) oil reserves in the oil window of the Eagle Ford Shale in south Texas and (iii) liquids rich gas (1,250 plus btu) in the Marcellus Shale and the Utica Shale areas of northwest West Virginia and southeastern Ohio. Utilize Expertise in Unconventional Resource Plays to Continue to Improve Rates of Return —We use state of the art, advanced drilling, completion and production technologies, allowing us the best opportunity for cost-effective drilling, completion, and production success. Our technical team regularly reviews the most current technologies and applies them to our reserve base for the effective development of our project inventory. As a result of our improving drilling and completion techniques, our drilling and completion results in our core unconventional resource plays have dramatically improved, resulting in substantially better initial production, or IP rates, estimated ultimate recoveries, and, ultimately, rates of return on capital. Focus on Properties With Operating Control —We believe that operatorship provides us with the ability to maximize the value of our assets, including control of the timing of drilling expenditures, greater control of operational costs and the ability to efficiently increase production volumes. During the past three years, we have significantly increased the number of wells that we operate and control. As of December 31, 2011, we operated approximately 82% of our proved reserves. Approximately 70% of our 2012 preliminary capital expenditure budget relates to our operated properties. We have experienced increasingly robust drilling and completion results, and hence rates of return, in all our operated areas.