Exploration & Production | Drilling & Completions | Quarterly / Earnings Reports
Approach Expands HZ Wolfcamp Drilling Locations by 300%
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Approach Resources Inc. reported results for full year and fourth quarter 2012 and announced estimated 2012 proved reserves. Highlights for 2012, compared to 2011, include:
Production up 24% to 7.9 MBoe/d, and oil production up 101% to 969 MBbls Total proved reserves increased 24% to 95.5 MMBoe, and oil proved reserves increased 106% to 37.3 MMBbls PV-10 (non-GAAP) increased 22% to $830.9 million Reserve replacement ratio of 1,346% at a competitive drill-bit finding and development (“F&D”) cost of $7.45 per Boe Over 2,000 identified horizontal locations targeting the Wolfcamp oil shale in the Midland Basin Increases gross resource potential to over 1 billion BoeJ. Ross Craft, Approach’s President and Chief Executive Officer, commented, "Growing our proved reserves by 24% in 2012 and…
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