Diamondback Energy owns 77,866 net acres in the Permian Basin as of March 31, 2015. We are the operator of approximately 95% of our Permian Basin acreage, allowing us to maximize our ability to control costs and drive operating efficiencies.
Our proved reserves are located in the Permian Basin of West Texas, in particular in the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. The Spraberry play was initiated with production from several new field discoveries in the late 1940s and early 1950s.
The Wolfcamp formation is a long-established reservoir in West Texas, first discovered in the 1950s as wells aiming for deeper targets occasionally intersected slump blocks or debris flows with good reservoir properties.