Michael Scialla: And are most of those that are in the Delaware, are they the 1-mile type of the ones similar to what you just drove?
Luke Brandenberg: It’s a mix. And so these couple that we’ve talked about are one mile, but we have some wells that are over 10,000. They’re going to be, 1.25 to 1.5, excuse me, 2.25 and 2.5. So we are looking at some extended laterals as well. But I would tell you again, everybody’s got drilling info or envious these days. And they can look and find the white spot on the map. If there’s a white space, 10,000-foot unit, everybody’s looking at it. It’s the stuff that’s got a little bit of hair, where you can get scrappy and block and trade. And so, I think our average well in that is probably somewhere around 7,000 feet. And so you do have maybe more 1 mile versus 2 mile, but there’s a good number of extended laterals in there as well.
Michael Scialla: And could you characterize the zones you’re talking about these kind of the primary Wolfcamp A, Bone Spring, or are they more kind of secondary targets? Is that the reason that you had the opportunity to get in there and capture?
Luke Brandenberg: Yeah. It bounces around a lot. So some — its primary zones. And in fact, if I were to say, what’s the majority of the targets? The majority of the targets that we’re going to drill anyways are in the primary zones and that’s where we’ve allocated value. But you do have some secondary opportunities as well. We have an opportunity with a large operator, where they went in and they developed the Bone Spring and Wolfcamp A. And fast forward a few years, the B and C are now actively developed around them, but they had not been drilled yet. And so we were able to farm in on them and drill those locations. The neat thing about that is we were drilling beneath existing wells. There’s just a lot of synergies from a cost perspective.
We’re able to leverage the facilities. In some cases, we’ve talked about turning over operations once the wells are online, which is great. These folks are really good at what they do on the operations side. And so, we don’t have to spend the time, energy or effort managing wells. But if I look at in the majority of the inventory, it’s Bone Springs X, Y and A, but there is a decent number in the B as well, and some C.
Michael Scialla: Thanks for the detail. And just one last one. It looked like your share count went down about 2 million from the prior quarter — your diluted share count. I know your buyback expired at the end of the year. I didn’t see anything on repurchases. Is that just some technical difference in the way that shares for Canada in the quarter or something else going on there?
Tyler Farquharson: It might be the quarterly average. You’re right. The share repurchase ended at 12/31/23. So it could be just average share counts between the fourth quarter and the first quarter. That could have gone down by two million.
Michael Scialla: Okay. Got it. Thanks guys. Appreciate it.
Luke Brandenberg: Absolutely. Thanks for the question.
Operator: As there are no further questions at this time, this concludes today’s conference call. Thank you for your participation. You may now disconnect.
