Exploration & Production | Quarterly / Earnings Reports | Production | Fourth Quarter (4Q) Update | Reserves
Approach Ramps Up Production 47% YOY; Talks 4Q
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Approach Resources Inc. reported estimated fourth quarter and full-year 2014 production and reserves.
Production Highlights Fourth quarter production was 15.1 MBoe/d, a 34% increase over the prior-year quarter Full-year 2014 production was 5,049 MBoe, a 47% increase over the prior year Oil production was 2,024 MBbls, a 40% increase over the prior year Oil production represented 40% of total production for full-year 2014 Drilled 68 horizontal wells and placed 64 horizontal wells on production 2014 capital expenditures of $393.5 million Proved Reserves Highlights Year-end 2014 proved reserves grew to 146.2 MMBoe, a 27% increase over the prior year PV-10 (non-GAAP) was $1.4 billion, a 25% increase over the prior yearRoss Craft, Approach’s Chairman and CEO commented, “At the beginning of…
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