Operational Updates | Capital Markets | Capital Expenditure
Approach Resources Inc. Provides Horizontal Wolfcamp Operations Update;Increased CapEx
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Approach Resources Inc. (NASDAQ: AREX) today reported results for first quarter 2012. Highlights for first quarter 2012, compared to first quarter 2011, include:
Total production increased 39% to 654 MBoe (7.2 MBoe/d), made up of 62% oil and NGLs Oil and NGL production increased 110% to 405 MBbls Revenues increased 52% to $30.6 million Net income totaled $1.7 million, or $0.05 per diluted share Adjusted net income (non-GAAP) increased 180% to $3.5 million, or $0.10 per diluted share EBITDAX (non-GAAP) increased 49% to $20.8 million, or $0.62 per diluted shareFirst quarter 2012 production totaled 654 MBoe (7.2 MBoe/d), compared to 469 MBoe (5.2 MBoe/d) produced in first quarter 2011, a 39% increase. Oil and NGL production for first quarter 2012 increased 110% to 405 MBbls, compared to…
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