Third Quarter 2012 Financial ResultsNet loss for third quarter 2012 was $2.4 million, or $0.07 per diluted share, on revenues of $33.0 million. This compares to net income for third quarter 2011 of $7.1 million, or $0.25 per diluted share, on revenues of $28.0 million. The $5.1 million increase in revenues in third quarter 2012 was attributable to an increase in production volumes ($11.5 million), which was offset by a decrease in oil, NGL and gas prices ($6.4 million). Net loss for third quarter 2012 included an unrealized loss on commodity derivatives of $4.2 million and a realized gain on commodity derivatives of $423,000. The decline in net income was driven by higher operating expenses and an unrealized loss on commodity derivatives, which were partially offset by higher revenues for third quarter 2012.
Approach Resources Inc. Reports Third Quarter 2012 Results
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