Exploration & Production | Quarterly / Earnings Reports
Approach's Wolfcamp Activity Lifts Production 15%
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Approach Resources Inc. reported results for first quarter 2013. Highlights for first quarter 2013, compared to first quarter 2012, include:
Production up 15% to 8.4 MBoe/d, and oil production up 63% to 310 MBbls Revenues increased 19% to $36.3 million Net loss of $347,000, or $0.01 per diluted share Adjusted net income (non-GAAP) of $2.4 million, or $0.06 per diluted share EBITDAX (non-GAAP) increased 17% to $24.4 million, or $0.63 per diluted share Borrowing base increased to $315 million on May 1stProduction for first quarter 2013 totaled 754 MBoe (8.4 MBoe/d), compared to production of 654 MBoe (7.2 MBoe/d) in first quarter 2012, a 15% increase. Oil production for first quarter 2013 increased 63% to 310 MBbls, compared to 191 MBbls produced in first quarter 2012. Production for…
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