Operational Updates
Approach Resources Provides Horizontal Permian Update; Testing Wolfcamp "B" Zone
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Approach Resources Inc. (NASDAQ: AREX) today reported results for second quarter 2012. Highlights for second quarter 2012 include:
Production of 702 MBoe (7.7 MBoe/d), an increase of 16% over second quarter 2011 and 7% over first quarter 2012 Net income of $7.9 million, or $0.23 per share Adjusted net income (non-GAAP) of $1.6 million, or $0.05 per shareOperations Update
During second quarter 2012, the Company drilled seven wells and completed 10 wells, including eight of 11 wells that were waiting on completion at March 31, 2012. At June 30, 2012, we had eight wells waiting on completion, of which five have since been completed as producers and one has been completed as a water source well. We also recompleted 14 wells during the second quarter of 2012. We currently have two…
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