SVEN DEL POZZO, ANALYST, C. K. COOPER: Good morning. My name is Sven Del Pozzo. I'm with C. K. Cooper. I'm an equity research analyst; and my colleague, Joel Musante, and I head a faculty research team at C. K. Cooper in Irvine, California.
Our first presenter today is Rich Weber, President and Chief Operating Officer of Atlas Energy Resources.
RICH WEBER, PRESIDENT AND COO, ATLAS ENERGY RESOURCES: Thank you, Sven. And thank you to everyone for getting up early and coming to see our presentation.
I'll start our presentation with just a quick overview of our corporate structure. I find it to be very simple, transparent. Some people tell me it's complicated. Atlas Energy Resources -- in the green box -- is owned 48% by Atlas America, Inc. We are a publicly traded, limited liability company. In addition, we do have management incentive interests that kick in at $0.59 distribution at the 25% level. We're currently distributing $0.61.
So Atlas America, Inc., is publicly traded, as well. It is essentially a holding company -- not in legal terms but in practice. And it also owns a controlling interest in Atlas Pipeline Holdings, which is the general partner of Atlas Pipeline Partners.
Who is Atlas Energy? We combine two businesses and integrate two businesses to create a business model that's very low risk/low return. Quite frankly, given the events in the markets here over the last couple of weeks, we really have a model that performs very well in a time of financial crisis.
We have a traditional oil and gas E&P operation. We integrate that with a partnership management business. We are the largest sponsor, or syndicator, of oil and gas partnerships in the country. We've been doing it for over 38 years continuously. It's a big part of our business, and it's how we fund our drilling capital.
So let's focus for a second on our E&P business. We are one of the largest operators in the Appalachian Basin. This map on the right side of the slide here indicates where our acreage is. This is where we built our Company. Most of our activity right now is taking place in Pennsylvania, where we have a fairly substantial acreage position. In Appalachian total we have over 840,000 acres, of which 580,000 acres remain undeveloped.
Our current daily production that we operate, including the reserves and production for our partners, is over 100 million a day; and net to our interest for the second quarter was 35 million a day. Our net proved reserves at year end were 230 Bcfe.
We are also the largest operator in Michigan. All of our reserves are in the Antrim Shale. We currently operate about 60 million a day, net to our interest about -- over 100 million on a gross basis.
We have an acreage position of around 270,000 acres, of which 43,000 acres remain undeveloped. We have 70 -- oh, excuse me -- 750 remaining infill locations -- important to say infill -- infill locations in the Antrim Shale, all of which are proved.