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Approach's Wolfcamp Wells Average 746 BOE/d; Guidance Increased
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Approach Resources Inc. reported results for third quarter 2014.
Highlights: Production was 1,306 MBoe, or 14.2 MBoe/d, a 61% increase over the prior-year quarter Revenues were $68.1 million, a 54% increase over the prior-year quarter Net income was $22.4 million, or $0.57 per diluted share Adjusted net income was $10.5 million, or $0.27 per diluted share EBITDAX was a quarterly record of $50.7 million, or $1.29 per diluted share, and up 60% over the prior-year quarter Borrowing base increased to $600 million effective November 4, a 33% increase New Elliott well expands development of our eastern acreageJ. Ross Craft, Approach’s Chairman, Chief Executive Officer and President, commented, "In the third quarter of 2014, Approach reported its seventh consecutive quarter of record EBITDAX…
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