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,|
|Net (loss) income||$||(837||)||$||(9,285||)||$||6,384||$||7,242|
|Depletion, depreciation and amortization||18,027||10,080||60,381||32,475|
|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 per diluted share||$||0.53||$||0.74||$||2.37||$||2.72|
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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts