Our primary business objective is to increase reserves, production and cash flows at an attractive return on invested capital. Our business strategy is currently focused on developing unconventional oil, condensate, NGL and natural gas reserves from the Eagle Ford Shale. Key elements of our business strategy include:
Our 2017 capital budget is estimated to be approximately $400 to $475 million, which is focused predominately on the development of our Eagle Ford Shale acreage. As of December 31, 2016, we were producing from 611 gross wells and have identified over 4,000 net locations for potential future drilling in our Eagle Ford Shale acreage. In 2017, we plan to invest between $395 and $440 million on development drilling and completion in the Eagle Ford Shale to spud 144 net wells.
We are focused on continuous improvement of our operating measures and have significant experience in successfully converting early-stage resource opportunities into cost-efficient development projects. We believe the magnitude and concentration of our acreage within our core project areas provide us with the opportunity to capture economies of scale, including the ability to drill multiple wells from a single drilling pad, utilizing centralized production and fluid handling facilities and reducing the time and cost of rig mobilization.
We are focused on enhancing our drilling and completion techniques to maximize recovery of reserves. Industry techniques with respect to drilling and completion have significantly evolved over the last several years, resulting in increased initial production rates and recoverable hydrocarbons per well through the implementation of longer laterals and more tightly spaced fracture stimulation stages. We continuously evaluate industry drilling results and monitor the results of other operators to improve our operating practices, and we expect our drilling and completion techniques will continue to evolve and improve.
Historically, we have strived to maintain high liquidity levels with large amounts of cash on hand and minimal borrowings under our senior credit facility. We have two existing credit facilities in place that, combined with cash on hand and cash flow from operations, we believe are sufficient to fund our 2017 capital spending needs. We plan to continuously evaluate our level of drilling activity in light of both actual commodity prices and changes we are able to make to our costs of operations and make further adjustments to our capital spending program as appropriate. In addition, we expect to continue to regularly review acquisition opportunities from third parties.