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 EBITDAX to net (loss) income for the three and twelve months ended December 31, 2012 and 2011, respectively (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
Exploration				2,131				2,669					4,550				9,546
Impairment				—				18,476					—				18,476
Depletion, depreciation and amortization				18,027				10,080					60,381				32,475
Share-based compensation				2,472				1,046					7,465				4,683
Unrealized (gain) loss on commodity derivatives				(1,292	)			4,168					(3,874	)			347
Loss (gain) on sale of oil and gas properties				—				243					—				(248	)
Interest expense, net				926				1,010					4,737				3,402
Income tax (benefit) provision				(781	)			(5,632	)				3,338				3,488
EBITDAX			$	20,646			$	22,775				$	82,981			$	79,411
EBITDAX per diluted share			$	0.53			$	0.74				$	2.37			$	2.72

PV-10

The present value of our proved reserves, discounted at 10% (“PV-10”), was estimated at $830.9 million at December 31, 2012, and was calculated based on the first-of-the-month, twelve-month average prices for oil, NGLs and gas, of $94.71 per Bbl of oil, $37.88 per Bbl of NGLs and $2.74 per MMBtu of natural gas, respectively.

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