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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

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.

Stock quotes in this article: AREX 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,496.32 -5.33 -0.03%
S&P 500 1,881.17 +5.78 0.31%
NASDAQ 4,154.7220 +27.7550 0.67%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs