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Approach Resources Inc. Reports Third Quarter 2012 Results

The following table provides a reconciliation of EBITDAX to net (loss) income for the three and nine months ended September 30, 2012 and 2011, respectively (in thousands, except per-share amounts).

Three Months Ended

September 30,
Nine Months Ended

September 30,
2012     2011 2012     2011
Net (loss) income $ (2,355 ) $ 7,073 $ 7,221 $ 16,526
Exploration 1,170 1,969 2,419 6,877
Depletion, depreciation and amortization 16,728 8,355 42,354 22,394
Share-based compensation 1,450 1,089 4,993 3,637
Unrealized loss (gain) on commodity derivatives 4,185 (1,739 ) (2,582 ) (3,821 )
Gain on sale of oil and gas properties (491 )
Interest expense, net 1,544 1,016 3,811 2,391
Income tax (benefit) provision   (1,253 )       3,908   4,119         9,121
EBITDAX $ 21,469       $ 21,671 $ 62,335       $ 56,634
EBITDAX per diluted share $ 0.63       $ 0.76 $ 1.85       $ 1.98


Liquidity is calculated by adding the net funds available under our revolving credit facility and cash and cash equivalents. We use liquidity as an indicator of the Company’s ability to fund development and exploration activities. However, this measurement has limitations. This measurement can vary from year-to-year for the Company and can vary among companies based on what is or is not included in the measurement on a company’s financial statements. This measurement is provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our SEC filings and posted on our website.

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