This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Approach Resources Inc. Reports Third Quarter 2011 Results And Announces 2012 Capital Budget

Approach Resources Inc. (NASDAQ: AREX) today reported its third quarter 2011 results. Highlights for third quarter 2011, compared to third quarter 2010, include:
  • Total production increased 46% to 612 MBoe (6.7 MBoe/d)
  • Oil and NGL production increased 148% to 350 MBbls
  • Revenues increased 87% to $28 million
  • Net income increased 240% to $7.1 million, or $0.25 per diluted share
  • Adjusted net income (non-GAAP) increased 160% to $5.9 million, or $0.21 per diluted share
  • EBITDAX (non-GAAP) increased 86% to $21.7 million, or $0.76 per diluted share

Production for third quarter 2011 totaled 612 MBoe (6.7 MBoe/d), compared to 418 MBoe (4.5 MBoe/d) in third quarter 2010, a 46% increase over the prior year period. Oil and NGL production for third quarter 2011 increased 148% to 350 MBbls, compared to 141 MBbls produced in third quarter 2010. Production for third quarter 2011 was 57% oil and NGLs and 43% natural gas, compared to 34% oil and NGLs and 66% natural gas in third quarter 2010. Oil and NGL production increased during third quarter 2011 compared to third quarter 2010 due to continued development of the Wolffork oil shale resource play, the acquisition of additional working interest in northern Project Pangea in first quarter 2011 and processing gas in southern Project Pangea beginning in second quarter 2011.

Production for third quarter 2011 was affected by a shortage of oil trucks due to increased industry activity in the Permian Basin. While production in Project Pangea is running as planned, we experienced an oil inventory build of approximately 29,000 barrels through third quarter 2011. We estimate that the inventory build reduced our potential sales volumes by approximately 315 Bbls/d during third quarter 2011. In response to tightness in the Permian oil trucking market, we have ordered four new oil hauling trucks, which we expect to be delivered by year end 2011. In addition, the Company is exploring long-term trucking, pipeline and rail alternatives.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.90 0.21%
FB $102.14 0.23%
GOOG $685.05 0.28%
TSLA $148.34 -1.40%
YHOO $27.09 1.20%


Chart of I:DJI
DOW 15,885.18 +225.00 1.44%
S&P 500 1,857.27 +28.19 1.54%
NASDAQ 4,324.4240 +57.5870 1.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs