We entered the Permian Basin in 2009 with the acquisition of approximately 8,800 net acres for $16 million. Through focused execution of our acquisition and leasing strategy, we have increased our footprint to nearly 60,000 net acres in the Midland and Delaware Basins. Our size allows us to efficiently pivot our business and capitalize on new opportunities.
As a pure-play, Permian company operating the vast majority of our acreage, we have the flexibility to modify development plans to appropriately address continuously-changing industry conditions and commodity price cycles.
We have also proven our ability to move quickly to capitalize on opportunities to acquire new acreage and integrate into our operations, positioning us for additional consolidation of assets in the future.