Approach Resources Inc. (NASDAQ: AREX) today reported estimated production for full year and fourth quarter 2012 and provided an operations update and 2013 outlook. Highlights compared to the prior-year period include:
- 2012 Production up 24% to 7.9 MBoe/d
- 2012 Oil production up 101% to 969 MBbls
- Fourth quarter 2012 production up 21% to 8.5 MBoe/d
- Fourth quarter 2012 oil production up 75% to 299 MBbls
Estimated Full Year and Fourth Quarter 2012 Production
Estimated 2012 production totaled 2,888 MBoe (7.9 MBoe/d), up 24% from 2011. Oil production for 2012 increased 101% compared to 2011. Estimated production for 2012 was of 34% oil, 31% NGLs and 35% natural gas, compared to 21% oil, 34% NGLs and 45% natural gas in 2011.
Estimated fourth quarter 2012 production totaled 784 MBoe (8.5 MBoe/d), up 21% from the same period in 2011 and 5% from the prior quarter. Estimated oil production for fourth quarter 2012 increased 75% compared to fourth quarter 2011 and 20% from the prior quarter. Estimated production for fourth quarter 2012 was 38% oil, 30% NGLs and 32% natural gas, compared to 26% oil, 35% NGLs and 39% natural gas in fourth quarter 2011.Preliminary, average realized prices for fourth quarter 2012, before the effect of commodity derivatives, were $78.27 per Bbl of oil, $30.27 per Bbl of NGLs and $3.22 per Mcf of natural gas, compared to $85.56 per Bbl of oil, $51.71 per Bbl of NGLs and $3.19 per Mcf of natural gas for fourth quarter 2011. Our preliminary, average realized price, including the effect of commodity derivatives, was $44.50 per Boe for fourth quarter 2012, compared to $50.63 per Boe for fourth quarter 2011. Operations Update During fourth quarter 2012, the Company drilled 12 wells and completed 10 wells. During 2012, the Company drilled a total of 46 wells and completed 52 wells. At December 31, 2012, we had 10 wells waiting on completion.
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