Operational Updates | Capital Markets | Capital Expenditure
Approach Resources Inc. Reports Fourth Quarter and Full Year 2011 Results
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Approach Resources Inc. (NASDAQ: AREX) today reported results for fourth quarter and full year 2011. Highlights for 2011, compared to 2010, include:
Total production increased 50% to 2.3 MMBoe (6.4 MBoe/d), made up of 55% oil and NGLs Oil and NGL production increased 152% to 1.3 MMBbls Revenues increased 88% to $108.4 million Net income totaled $7.2 million, or $0.25 per diluted share Adjusted net income (non-GAAP) increased 125% to $19.5 million, or $0.67 per diluted share EBITDAX (non-GAAP) increased 85% to $79.4 million, or $2.72 per diluted shareCapital Expenditures
Costs incurred during 2011 totaled $285.8 million, and included $192.5 million for exploration and development drilling, $70.8 million for the purchase of additional working interest in northwest Project Pangea and…
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