Carrizo Oil & Gas, Inc. is a Houston-based energy company actively engaged in the exploration, development, exploitation, and production of oil and natural gas primarily in the Eagle Ford Shale in South Texas, the Barnett Shale in North Texas, the Marcellus Shale in Appalachia, the Niobrara Formation in Colorado, the Utica Shale in Eastern Ohio, and in proven onshore trends along the Texas and Louisiana Gulf Coast regions. Carrizo is also actively developing its oil discovery known as the Huntington Field in the UK North Sea.
We have grown our production and reserves over the last 8 years by focusing on 3-D seismic controlled horizontal drilling and completion technology. We are an industry leader in horizontal development drilling having drilled and completed nearly 300 extended reach horizontal development wells in a number of different resource shale formations.
The company has accumulated significant expertise in the drilling and completion of complex extended reach horizontal wells in resource shales located in densely populated urban areas and difficult terrains. Our business strategy is to leverage this core competency in pursuing exploitation and development opportunities in the most prospective North American resource shale regions. This strategy has led to significant success the Eagle Ford Shale of South Texas where we are one of the lowest cost, fastest growing operators.
In April of 2010 we announced the initiation of oil focused horizontal development programs in the Eagle Ford Shale in South Texas where we have accumulated 46,000 net acres and in the Niobrara Shale in North Eastern Colorado where we have accumulated 37,000 net acres. We have experienced impressive results in both these areas with 100% drilling success and strong production growth. We continue to own over 12,500 net acres in the thickest, most productive portion of the Barnett Shale known as the "Core", located in and around Arlington, Texas. We have 3-D seismic data over the majority of this property and have over 50 remaining drill sites having associated potential reserves of over 205 net Bcfe of natural gas. A significant portion of our future natural gas production growth will come from the Marcellus Shale in Appalachia where we have accumulated over 100,600 net acres and are in the early stages of a multi-year development drilling program.
In 2010, we spent $324 million on oil and gas operations and have budgeted $526 million for 2012 activities.