Energy XXI is an independent oil and natural gas development and production company which has historically focused on development drilling on our core properties to enhance production and ultimate recovery of reserves, supplemented by strategic acquisitions. The Company’s properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. We operate nine of the largest oilfields on the Gulf of Mexico Shelf.
Our geographic concentration on the Gulf of Mexico Shelf enables us to manage our operated fields efficiently and our high number of wellbore locations provides diversification of our production and reserves. By having operations in a geographically concentrated area, we can optimize and more efficiently service our operations.
At December 31, 2016 our total proved reserves were 121.9 MMBOE of which 81% were oil and 70% were classified as proved developed. We operated or had an interest in 616 gross producing wells on 439,294 net developed acres, including interests in 57 producing fields. We believe operating our assets is a key to our success and approximately 91% of our proved reserves are on properties operated by us.