Operational Updates
Approach Resources Inc. Reports Third Quarter 2011 Results
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Approach Resources Inc. (NASDAQ: AREX) today reported its third quarter 2011 results. Highlights for third quarter 2011, compared to third quarter 2010, include:
Total production increased 46% to 612 MBoe (6.7 MBoe/d) Oil and NGL production increased 148% to 350 MBbls Revenues increased 87% to $28 million Net income increased 240% to $7.1 million, or $0.25 per diluted share Adjusted net income (non-GAAP) increased 160% to $5.9 million, or $0.21 per diluted share EBITDAX (non-GAAP) increased 86% to $21.7 million, or $0.76 per diluted shareOperations Update
During the third quarter of 2011, we drilled a total of 20 gross (20 net) wells, completed 14 gross (14 net) wells and recompleted four gross (four net) wells. Through September 30, 2011, we drilled 52 gross (47.3 net) wells…
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