Operational Updates
Approach Resources Inc. Provides Operations and 2012 Capital Budget Update
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Approach Resources Inc. (NASDAQ: AREX) today announced proved reserves and preliminary results for 2011 and provided an operations and 2012 capital budget update. Highlights for 2011 include:
Total proved reserves increased 52% to 77.0 MMBoe, comprised of 61% oil and NGLs Oil and NGL proved reserves increased 84% to 47.2 MMBbls PV-10 (non-GAAP) increased 108% to $679.1 million Total production increased 50% to 2.3 MMBoe (6.4 MBoe/d), comprised of 55% oil and NGLs Oil and NGL production increased 152% to 1.3 MMBblOperations Update
We recently completed four horizontal Wolfcamp wells. The table below summarizes the 24-hour initial producing rates for these wells.
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