Capital Markets | Capital Expenditure
Approach Outlines 2013 CapEx, Expectations
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Approach Resources Inc. has detailed its guidance and outlook for 2013.
The company estimates 2013 production to be 3,600 to 3,900 MBoe, with first quarter 2013 production ranging from 8.9 MBoe/d to 9.1 MBoe/d. Approach's horizontal drilling and development program in 2013 includes pad development. This approach is anticipated to improve operating efficiencies and resource recoveries while reducing facilities costs and surface impact.
As a result of pad drilling, completing multiple wells at one time, or "batch completions," and shutting in adjacent producing wells during completions, we expect a "stair-step" production growth profile for 2013. Pad drilling could also increase Approach's estimates of 2013 capital expenditures and production if the total number of days to drill and…
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