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Approach's Output Remains Flat from Prior Year at 11.3 MBOEPD; Talks Drilling Ops

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   |    Tuesday,May 29,2018

Approach Resources reported its Q1 2018 results.

Highlights:

- Met quarterly production guidance with 11.3 MBoe/d (flat from 4Q17 and YOY)

  • increased daily crude oil production 3% over prior quarter

- Revenues of $28.8 million, a 9% increase over the prior year quarter

  • Net loss was $7.4 million or $0.08 per diluted share. Adjusted net loss (non-GAAP) was $7.1 million, or $0.07 per diluted share
  • Bank group unanimously reaffirmed $325 million borrowing base

- Capital expenditures incurred during first quarter 2018 totaled $13.7 million and included $12.4 million for drilling and completion activities, and $1.3 million for infrastructure projects and equipment.

Ops Update

During the second half of the first quarter 2018, we completed four horizontal wells: two wells in the Wolfcamp A bench, one well in the Wolfcamp B bench and one well in the Wolfcamp C bench.

  • The two wells completed in our Pangea area are tracking above our 700 MBoe type curve.
  • The two wells completed in our Pangea West area are currently in the post-frac flowback and clean up stages.

We are encouraged by the early results of these two wells. At March 31, 2018, we had six horizontal wells waiting on completion.

 

 

 

 

 

 


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