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Approach Resources Inc. Reports Full Year And Fourth Quarter 2012 Results, Announces 2012 Proved Reserves And Increases Horizontal Wolfcamp Shale Drilling Inventory And Resource Potential

The following table provides a reconciliation of adjusted net (loss) income to net (loss) income for the three and twelve months ended December 31, 2012 and 2011 (in thousands, except per-share amounts).

    Three Months Ended     Twelve Months Ended
December 31, December 31,
  2012       2011     2012       2011  
Net (loss) income $ (837 ) $ (9,285 ) $ 6,384 $ 7,242
Adjustments for certain items:
Impairment 18,476 18,476
Unrealized (gain) loss on commodity derivatives (1,292 ) 4,168 (3,874 ) 347
Loss (gain) on sale of oil and gas properties 243 (248 )
Related income tax effect   439       (7,782 )   1,317       (6,316 )
Adjusted net (loss) income $ (1,690 )   $ 5,820   $ 3,827     $ 19,501  
Adjusted net (loss) income per diluted share $ (0.04 )   $ 0.19   $ 0.11     $ 0.67  


We define EBITDAX as net (loss) income, plus (1) exploration expense, (2) impairment, (3) depletion, depreciation and amortization expense, (4) share-based compensation expense, (5) unrealized (gain) loss on commodity derivatives, (6) loss (gain) on sale of oil and gas properties, (7) interest expense, and (8) income taxes. EBITDAX is not a measure of net income or cash flow as determined by GAAP. The amounts included in the calculation of EBITDAX were computed in accordance with GAAP. EBITDAX is presented herein and reconciled to the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company's ability to internally fund development and exploration activities. This measure 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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