Due to the unanticipated plant downtime, and subject to timely completion of our new gas lines, we expect full-year 2012 production to be 2,800 MBoe – 3,000 MBoe.
Third Quarter 2012 Commodity Prices
Preliminary, average realized prices for third quarter 2012, before the effect of commodity derivatives, were $86.38 per Bbl of oil, $30.50 per Bbl of NGLs and $2.73 per Mcf of natural gas, compared to $81.51 per Bbl of oil, $52.08 per Bbl of NGLs and $3.99 per Mcf of natural gas for third quarter 2011. Our preliminary, average realized price, including the effect of commodity derivatives, was $44.78 per Boe for third quarter 2012, compared to $47.98 per Boe for third quarter 2011.
Third Quarter 2012 Capital ExpendituresPreliminary, unaudited estimates of capital expenditures during third quarter 2012 totaled $77.1 million, and included $60.3 million for drilling and completions, $11.7 million for pipeline and infrastructure projects, $4.4 million for acreage acquisitions and $0.7 million for 3-D seismic data acquisition. During third quarter 2012, the Company drilled 12 wells and completed 10 wells, including five of eight wells that were waiting on completion at June 30, 2012. At September 30, 2012, we had eight wells waiting on completion. Conference Call Scheduled for November 6, 2012 Approach will host a conference call on Tuesday, November 6, 2012, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss third quarter 2012 financial and operating results. The Company plans to issue third quarter 2012 results after market close on Monday, November 5, 2012. To participate in the conference call, domestic participants should dial (800) 901-5217 and international participants should dial (617) 786-2964 approximately 15 minutes before the scheduled conference time. To access the simultaneous webcast of the conference call, please visit the Calendar of Events page under the Investor Relations section of the Company's website, www.approachresources.com, 15 minutes before the scheduled conference time to register for the webcast and install any necessary software. The webcast will be archived for replay on the Company’s website until February 4, 2013. In addition, the Company will host a telephone replay of the call, which will be available for one week. U.S. callers may access the telephone replay by dialing (888) 286-8010 and international callers may dial (617) 801-6888. The passcode is 64514392.
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