Lightstream's Bakken business unit is located in the southeast corner of the province of Saskatchewan. This area produces low decline, light-oil (94% liquids weighting) with strong operating netbacks.
In 2009, when Lightstream (at that time called PetroBakken Energy) was formed through the spin out of the Canadian Business Unit from PetroBank Energy and Resources and combination with the assets of Tristar Oil & Gas, the assets in SE Saskatchewan were the primary focus of the Company. Since that time, we have drilled over 460 wells in the area and have generated over $2.1 billion of net operating income for our shareholders. Our netbacks have consistently been industry leading in this area due to early investments in infrastructure such as oil and gas processing facilities, gathering systems and pipeline access, as well as the implementation of efficient operating practices. Our business unit in this area has consistently produced significant free cash flow after capital expenditures that have allowed us to invest in other areas.
In addition to financial returns, our investment in the Bakken also allowed us to accumulate important technical knowledge. In the Bakken formation, we pioneered the use of bilateral wells to increase our exposure to the tight-rock reservoir which was previously seen as inaccessible. Over time we refined our technique and introduced additional technology such as Cleantech™ fracturing, delayed fractures and cemented liners. This knowledge was then applied to future investments that we made in the Cardium and Swan Hills areas of Alberta.
There is still tremendous value that has yet to be unlocked in the southeast Saskatchewan. There are 1.6 billion barrels of oil in place and currently over 750 net producing wells. We have invested in infrastructure in the area and the Mississippian formations provide low risk exploration upside. At the end of 2015, we had 292 sections of net undeveloped land, over 63 MMboes of proved plus probable reserves and a drilling inventory of more than 1,000 locations. We have also begun to test the possibility of secondary and tertiary recovery in the area with a gas-flood Enhanced Oil Recovery pilot project and initiated an optimization and remediation program to improve the operations of existing wells. Early results from both projects have resulted in moderated decline rates and increased production.