We entered the Rocky Mountain region upon completing an acquisition in the Big Horn and Wind River Basins in Wyoming in February 2010. We subsequently added positions in the Powder River Basin through several smaller acquisitions. The properties in Wyoming are largely mature oil wells with a natural water drive that produce primarily from the Dinwoody-Phosphoria, Tensleep and Minnelusa formations. We expanded our footprint in this region with our acquisition of oil properties in North Dakota and Montana in May 2012 and our acquisition of non-operated oil and natural gas properties in Colorado in June 2014. The North Dakota properties produce primarily from the Madison and Bakken formations, while the Montana properties produce mostly from the Sawtooth and Bowes formations. The Colorado properties produce primarily from the Williams Fork formation.

Legacy's wells in the Piceance Basin are located in Garfield County, Colorado in the Grand Valley, Parachute and Rulison fields. Most of the wells in these fields produce from the Williams Fork formation at depths of approximately 7,000 to 9,000 feet and some wells produce from the Wasatch formation at depths of 1,600 to 4,000 feet. Legacy's ownership in this basin is comprised of non-operated interests in 2,677 active wells acquired from a subsidiary of WPX Energy, Inc. (the "WPX Acquisition") that escalated from an initial working interest of approximately 29% to approximately 37% on January 1, 2015 and 41% on January 1, 2016. As of December 31, 2016, our properties in the Piceance Basin contained 36.1 MMBoe (13% liquids) of net proved reserves with a standardized measure of $88.5 million. The average net daily production from this field was 12,250 Boe/d for the fourth quarter of 2016. The estimated reserve life (R/P) for this field is 8.1 years based on the annualized fourth quarter production rate.