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Approach Resources Inc. Announces Preliminary Second Quarter Production And Provides Mid-Year Reserves Update

Approach Resources Inc. (NASDAQ: AREX) today announced preliminary production, commodity price realizations and capital expenditures for second quarter 2012 and provided a mid-year 2012 reserves update. Highlights include:
  • Total production up 16% to 7.7 MBoe/d
  • Oil production increases 120% to 230 MBbls, and total liquids production increases 33% to 453 MBbls
  • Total proved reserves up 9% to 83.7 MMBoe
  • Oil proved reserves increase 30% to 23.5 MMBbls, and total liquids proved reserves increase 13% to 53.4 MMBoe

Estimated second quarter 2012 production totaled 702 MBoe (7.7 MBoe/d), compared to 608 MBoe (6.7 MBoe/d) produced in second quarter 2011, a 16% increase. Estimated second quarter 2012 production increased 7%, compared to first quarter 2012 production of 654 MBoe (7.2 MBoe/d). Estimated oil production for second quarter 2012 increased 120% to 230 MBbls, compared to 104 MBbls produced in second quarter 2011, and increased 20% compared to first quarter 2012 oil production of 191 MBbls. Estimated production for second quarter 2012 was 33% oil, 32% NGLs and 35% natural gas, compared to 17% oil, 39% NGLs and 44% natural gas in second quarter 2011.

Preliminary, average realized prices for second quarter 2012, before the effect of commodity derivatives, were $83.21 per Bbl of oil, $33.75 per Bbl of NGLs and $2.19 per Mcf of natural gas, compared to $97.89 per Bbl of oil, $51.88 per Bbl of NGLs and $4.16 per Mcf of natural gas for second quarter 2011. Our preliminary, average realized price, including the effect of commodity derivatives, was $43.12 per Boe for second quarter 2012, compared to $48.01 per Boe for second quarter 2011.

Preliminary, unaudited estimates of capital expenditures during second quarter 2012 totaled $70.3 million, and included $65.1 million for exploration and development drilling, $4.6 million for pipeline and infrastructure projects and $600,000 for acreage acquisitions. During second quarter 2012, the Company drilled seven wells and completed 10 wells, including eight of 11 wells that were waiting on completion at March 31, 2012. At June 30, 2012, we had eight wells waiting on completion, of which five have since been completed as producers and one has been completed as a water source well. We also recompleted 14 wells during the second quarter of 2012.

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