Question-and-Answer Session
Operator
Thank you sir. (Operator Instructions). And we’ll take our first question from Michael Jacobs with Tudor, Pickering, Holt.
Michael Jacobs – Tudor, Pickering, Holt
Good morning everyone, great quarter.
Lee Boothby
Thanks Mike.
Michael Jacobs – Tudor, Pickering, Holt
I appreciate all the color on the Rockies, but I would like to go back to the Woodford for a sec not everyone has over $1 billion in hedge value spread through 2010. Can you put your financial position into operational context by updating us on what your non-op activity is and then how we should expect gross net activity to change this year into next?
Lee Boothby
You're asking about non-operated activity in the Woodford specifically?
Michael Jacobs – Tudor, Pickering, Holt
Yeah kind of what you’re seeing versus what your partners are doing and kind of how – in your press release you mentioned an increase in working interest in the Woodford kind of how you expect to continue to increase your interest overtime?
Lee Boothby
I'll let George provide some color, but one of the benefits of our operating Oklahoma and since I spend a fair amount of time there, I can appreciate it. If Europe an aggressive operator and in a position to drill wells, the pooling provisions in Oklahoma work to your benefits. So we've been able to because we've maintained our activity levels, put some other operators interest owners in a position where they have had opt out if you will. So in doing that George Dunn's team has been able to grow the working interest position on average by about 3%. And that’s at no incremental cost other than in picking your share of the working interest. So we look at that as a pretty efficient way to acquire acreage at a good cost but I'll turn the non-op activity over to George.
George Dunn
Yeah I mean essentially non-op activities has been falling off as compared to 2008. It’s still I guess you'd say guesstimate what everybody is going to do, but it looks like we're in the range of 60% of what we were last year, for full year 2009. And that’s I guess dominantly some of the smaller players that have backed off. But in general rig counts has gone down out there by most everyone.
Michael Jacobs – Tudor, Pickering, Holt
Great, thanks.
Lee Boothby
One of the side that Michael on the side benefits of that is that we can achieve the same number net wells an increases in production through less activity which allows us to continue to focus on capital efficiency and doing things smarter and more effectively. So, there is a kind of a double benefit there as a result of being able to drill when others can't and pick up interest in that context.
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