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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 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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