Operational Updates
Approach's Oily Wolfcamp Results Headline Q3 Update
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Approach Resources Inc. has reported results for third quarter 2012.
Highlights for third quarter 2012 include:
• Production of 747 MBoe (8.1 MBoe/d), an increase of 22% over third quarter 2011
•Oil production of 250 MBbls, an increase of 113% over third quarter 2011
•Revenues of $33 million, an increase of 18% over third quarter 2011
•Net loss of $2.4 million, or $0.07 per share
•Adjusted net income of $0.4 million, or $0.01 per share
•EBITDAX of $21.5 million, or $0.63 per share
Third quarter 2012 production totaled 747 MBoe (8.1 MBoe/d), compared to 612 MBoe (6.7 MBoe/d) produced in third quarter 2011, a 22% increase. Third quarter 2012 production also increased 7% over second quarter 2012 production of 702 MBoe (7.7 MBoe/d). Oil production for third quarter 2012 increased 113% to 250…
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